Ventura County, CA — In August, the median sale price for existing single-family homes in Ventura County reached $965,000, reflecting a 5.5% increase compared to the same month last year, according to the latest data from the California Association of Realtors. However, this figure represents a slight decline of 0.7% from July.
This August marks the highest median home price recorded in Ventura County for that month, inching closer to the $1 million mark. The median price is defined as the point where half of the homes sold for more and half for less.
Statewide trends mirrored those in Ventura County, with California’s median home price climbing to $888,740 in August. This figure is up 3.4% from the previous year and a marginal increase of 0.2% from July.
Newbury Park reported the highest median prices within the county, where 23 homes sold at a median of $1.16 million. In contrast, Santa Paula had the lowest median sale price at $770,000, though only eight homes were sold in that area.
A total of 281 existing single-family homes were sold in Ventura County in August, indicating a 13.8% decrease from the same period last year and a 10.5% drop compared to July.
The decline in sales volume can be attributed to elevated mortgage interest rates, which have made home purchasing more costly. Sales in Ventura County have consistently decreased over the past two years, with nearly monthly drops throughout 2022 and 2023 before stabilizing in most of 2024.
Recently, however, mortgage rates have begun to decline. The average rate for a 30-year fixed mortgage is currently at its lowest since 2022. The Federal Reserve’s recent decision to reduce interest rates by half a point may contribute to further decreases in mortgage rates, potentially revitalizing the housing market.
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