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Local home sales prices rose in August

Posted: September 7, 2012 2:00 a.m.
Updated: September 7, 2012 2:00 a.m.
 

 Sale prices of Santa Clarita Valley homes rose in August, according to data collected by local Realtor Connor MacIvor with REMAX.

MacIvor hired an independent data research firm, Altos Research, and regularly tracks and publishes sales activity throughout the state and in the SCV. The data are compared to assessor’s recordings throughout the state to ensure accuracy, he said.

Actual prices of homes sold in the SCV region rose steadily in August until taking a dip the last week of August — possibly related to the end of summer, holiday week. Valley-wide, prices hit a peak exceeding $480,000.

When tracking the Santa Clarita Valley numbers, MacIvor includes Valencia, Acton, Castaic, Canyon Country and Stevenson Ranch — all areas where prices rose. Newhall prices dipped slightly and remained mostly flat. The Saugus area dipped the most in August with prices dropping from around $360,000 to $358,000.

The demand for inventory, which has been critically low, has been in part driving prices upward, according to local Realtors.

“There’s an inordinate number of buyers,” MacIvor said. “And investors are slowing down maybe because prices are starting to go up.”

Locally, Realtors have reported multiple bids on properties and, as MacIvor pointed out, there are still FHA loans available at 3.5 percent. MacIvor said he spoke to a lender recently who believes interest rates could drop below 3 percent.

The future of the housing market’s recovery, however, is still a puzzle. Fannie Mae and Freddie Mac have been under pressure to get rid of properties that they’re holding on their books that need to come to market.

There have been rumors that they’ll sell their properties in a bulk sale, he said. That move could drag prices back down.

“If they just leave property as is and keep selling homes through agents that would help avoid any slump,” MacIvor said.

jadkins@the-signal.com

661-287-5599

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