Condo prices in the Santa Clarita Valley are at their highest since 2006, according to August reports.  

The recent push of single-family homes with low interest rates in the Santa Clarita Valley have increased by 8.7 percent since this past August, as reported by the Southland Regional Association of Realtors (SRAR) on Friday. 

“There’s plenty of demand for housing in Santa Clarita, driven in part by low interest rates and limited by inadequate supply,” said Amanda Etcheverry, the 2019 chair of the Santa Clarita Valley Division of SRAR. “Some buyers are cautious, but others understand that a low interest rate gives them powerful, added buying power.“

Since the record high of $643,000 set in April of 2006, Santa Clarita had not seen the home median price or condominium record medium price of $420,000 surpass the record set during the last decade when compared to other Southern California communities. 

See Related: Santa Clarita Sees All-Time High In Median Condominium Pricing During June

The inventory of properties listed for sale fell for the second consecutive month when compared to the numbers back in July, with 238 homes closing escrow, falling 9.5 percent from a total of 263 sales, according to officials.

Realtors reportedly assisted 101 condominium sales, a comparative decline of 12.9 percent from just a year ago, but up by 24.7 percent when compared to this past July.

“Lower interest rates on home loans are a double-edged sword,” said Tim Johnson, the association’s chief executive officer. “They help lower the cost of a home loan for buyers, but also support today’s high prices, which makes housing affordable to large numbers of prospective buyers while keeping inventory low.”

Three of the last four months this year have seen a dramatic drop in income, per family, in regards to being able to buy a local, median-priced home that at one time might have been more realistic to purchase, according to officials.

For more information, visit the Southland Regional Association of Realtors’ website here.

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