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Local home prices rise once again

Victor Valley home prices went up 3 percent in November as inventory remains less than a half of last year's level.

The average price for the 322 homes sold in November was $71.31 per square foot, according to Victor Valley Multiple Listing Service data compiled by Larry Trombley of Century 21 Rose Realty in Hesperia. That was 21.1 percent higher than the same month in 2011.

The average home sold in the Victor Valley cost $135,561 last month.

“I kind of expected it to go up, but it went up more than I expected,” Trombley said. “There were a couple of lake homes over in Spring Valley that inched it up a little further than I expected.”

One Spring Valley Lake home sold for $800,000, or $159 per square foot, he said. Another lake house went for $350,000, or $144 per square foot.

Although sales usually slow down during the holiday season, Trombley said he expects prices to continue increasing due to low inventory. Home prices were going up six consecutive months before they leveled out in October.

The inventory of available homes began depleting quickly this year, while demand from home buyers have gone up. Homes under $200,000 in good condition get multiple offers in a matter of few days, local real estate agents say.

The Victor Valley had 521 homes up for sale in November, up 2.6 percent from the previous month. The area had 1,160 homes for sale in November 2011.

But loan buyers are having difficulty competing against cash investors, many of whom buy up foreclosed homes to flip them or rent them out. Cash sales accounted for 42 percent of closed sales in November.

The number of closed sales went down 13.9 percent in November from October and 30.9 percent from a year ago.

Trombley’s November figures reflect sales occurring from about Sept. 15 through Oct. 15 because the average escrow takes about 45 days.

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