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Ventura real estate values rise sharply

12 Jun 2013 4:58 PM
Ventura real estate values rise sharply

May was particularly kind to the Ventura housing market, as home prices continued to rise sharply and demand increased. According to the Ventura County Star, home prices rose 18 percent in May, one of the largest single-month gains in the region's history. In fact, Ventura real estate prices haven't risen so sharply in almost a decade.

The rapid gains helped the median home price in the county rise to $425,000, nearly equaling the pre-recession high-water mark for the area.

These gains are not exclusive to Ventura. In fact, home prices throughout southern California have been steadily rising for months, and May was no exception. According to The Associated Press, citing figures from DataQuick, the median price for homes in the region rose by 24.7 percent between May 2012 and May 2013. That marked the 14th consecutive month when median prices have increased, and the largest annual increase since the median price climbed 24.8 percent in October 2004.

"We're deep into uncharted territory: Amazingly low mortgage rates, a razor-thin inventory of homes for sale and the release of years' worth of pent-up demand," DataQuick President John Walsh told the source.