SCV Housing prices continue to climb in 2014.
The last time we came close to this median price was in April of 2008, when single family home prices averaged $480,000 just before the onset of the economic downturn that came as a result of the impending recession.
Since then, Santa Clarita housing prices faltered for the next several years, dipping to the lowest point in December 2011 when the median price of single family homes dropped to $340,000 before beginning a slow but steady rebound.
Single family homes reached their peak of $643,000 in April of 2006 during the height of the real estate boom of the early 2000’s. This was during the era of relatively unchecked lending practices that included unverified income and subprime loans, which helped to trigger the collapse of the market by late 2008, causing prices to plummet.
As a result, many lending practices have been changed and amended to hold accountable borrowers and lenders alike. This, along with programs such as Keep Your Home California and the Federal Government’s Making Home Affordable have helped many homeowners stave off foreclosure during the trying years of the recession.
Real estate recovery and rebound in the Santa Clarita Valley.
The Santa Clarita real estate market began bouncing back near the end of 2012 as we saw housing prices once again begin to see slow but steady gains, with 2013 seeing a 22% increase in overall median single family home prices. We also saw a steady decline in short sales and foreclosures in 2013, dropping nearly 60% on average since last April.
While we’re not seeing gains quite that high in 2014, we are seeing steady increases in housing prices here in the SCV. Condominiums, which had taken a slight downturn earlier this year, are bouncing back as well, reaching $265,500.
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