There is likely no bubble in the Antelope Valley residential housing market, a real estate broker told a crowd of about 250 people Friday morning at the Antelope Valley Board of Trade outlook conference.
Mark Troth, owner of Berkshire Hathaway HomeServices Troth, said that a balanced supply of housing is coming to the valley in northern L.A. County as new housing is constructed.
“That flow of what is coming will help balance out the inventory,” Troth said.
The median price of a single-family home last year was $295,000, a 9 percent increase from $270,000 in 2017. There were 4,600 units sold last year compared with the 5,002 units sold in 2017.
It is a seller’s market in the Antelope Valley right now and buyers are cautious about purchasing a home as interest rates rise, Troth said. Sellers are not interested in moving from their homes if there is no place to upgrade and home improvement is at an all-time high, he added.
Other speakers at the event titled “The Future: Unleashed!” included Lancaster Mayor Rex Parris, Los Angeles County Supervisor Kathryn Barger, state Assemblyman Tom Lackey, state Sen. Scott Wilk, newly elected U.S. Rep. Katie Hill (D-Santa Clarita), Brigadier Gen. John Teichert, commander of the 412th Test Wing at Edwards Air Force Base and Norm Hickling of the Antelope Valley Transit Authority. The event was held at the Antelope Valley Fairgrounds in Lancaster.