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Santa Clarita home sales increase

Federal tax credit may be possible reason for rise

Posted: November 25, 2009 9:01 p.m.
Updated: November 26, 2009 4:55 a.m.
The Santa Clarita Valley saw a spike in home sales between September and October, according to information released Wednesday.

A total of 197 single-family homes closed escrow in October — down 4.8 percent from the same time in 2008, but up 10.7 percent from last September, the Southland Regional Association of Realtors reported.

Likewise, the group reported 73 condominiums changed hands in October — an 18-percent drop from October 2008 but up 12.3 percent from September 2009.

Realtors pointed to the extension of the federal tax credit for new home buyers as a possible reason for the influx in sales.

That $8,000 credit for first-time buyers was extended until April and includes a $6,500 tax credit for existing home owners who trade up or down with the purchase of a home.

“Competition for listings is extremely intense and there are good signs emerging for the local housing market,” said Nancy Starczyk, president of the association’s SCV division, in a news release. “Yet, we need to temper our optimism. We still face a long-term housing recovery, a sluggish economy and significant unemployment.”

The median price of the 197 single-family homes sold last month was reportedly $420,000, down 2.3 percent from October 2008 but up 2.4 percent from last September.

The median condo price was $235,000 — down 2.5 percent from a year ago but a 7.8 percent increase over September 2009.


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