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April sales up, more lower-priced homes selling
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More from BusinessSales of existing homes in Ventura County rose slightly in April from a year ago, but the median price was down more than 28 percent.
The California Association of Realtors reported today that home sales statewide increased 2.5 percent in April from a year ago, while the median home price fell 32 percent. The median is the point where half of the homes sold for more and half for less.
CAR officials said the decline in median price is a reflection that more lower-end homes are selling now than a year ago.
In Ventura County, the median price for April was $496,530, down 1.5 percent from March and 28.2 percent from a year ago, when the median was $691,710.
April home sales in the county were up 0.5 percent from a year ago and 43.2 percent from March. The actual sales numbers were not available.
DataQuick Information Systems reported earlier this week that 771 new and existing homes and condos sold in the county in April.
DataQuick showed April sales in Ventura County were up to the highest level since August, though still 13.4 percent lower than a year ago and the second-lowest since 1995.
The California Association of Realtors limits its numbers to sales of existing detached homes, which represents about 76 percent of all residential transactions.
Price declines are driving bargain hunters and first-time buyers to middle- and low-priced homes, said Leslie Appleton-Young, vice president and chief economist for CAR.
A year ago, homes priced at less than $500,000 accounted for 40 percent of sales; in April, those homes accounted for 64 percent of sales, she said.
Posted by BigJake on May 23, 2008 at 11:39 p.m. (Suggest removal)
Bottom feeders snapping up bargans.
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