Home Prices Soar In Southern California

Median value hits a new record in Ventura County. Biggest gains are seen in north Thousand Oaks, while Oak Park loses ground.
June 23, 2003, 12pm PDT | Abhijeet Chavan | @legalaidtech
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"[Real estate agent Peter Greer] points to low mortgage rates as the fuel for the market gains, making expensive homes cheaper to buy than they were a decade ago...On top of that, Greer said, more buyers seem willing to sacrifice other luxuries to live in Southern California...Greer suspects that construction of high-end homes will slow to make room for development within urban areas, because the county faces a severe shortage of affordable housing. He said it's increasingly difficult for firefighters, police officers and other workers to buy homes."

Thanks to Brad Chad

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Published on Monday, June 23, 2003 in The Los Angeles Times
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