Home Sales Slightly up in Valley Area

A total of 244 new homes and condominiums were sold in February, contributing to the slight rise in new-home sales in Los Angeles and Ventura counties, according to figures compiled for the Building Industry Association Los Angeles/Ventura Chapter by Hanley-Wood Market Intelligence. February sales made in 2011 were above January’s sales by 16. 7 percent but trailed the sales made in February 2010 by 28 percent. There were 50 new home sales in the San Fernando Valley, and a month-over-month increase in the Antelope Valley. Ventura County new-home sales dropped to 14 in February compared to the 24 sales in February 2010. The median price of a new home sold in L.A. County was $418,500 for February, a decrease by 4.2 percent compared to January and 0.6 percent from 2010, In Ventura County, the median price for a new home sold was $350,500 a decline of 14.2 percent from January and 4.1 percent decrease from the previous year. The association is hearing that traffic is up and potential buyers are interested but there is intense competition with foreclosed homes and short sales, said Holly Schroeder, chief executive of the Los Angeles/Ventura chapter. “We urge our partners in local government to work with the industry to incentivize builders willing to take a risk and begin construction by waiving, reducing, and deferring fees as much as possible,” Schroeder said. “In many cases, a few thousand dollars can make the difference between a project penciling out or not, and every home that’s built puts people back to work, boosts the economy, and generates significant tax revenues for local governments.”