Ann Wishart, Valley Press Business Editor

July 1, 2005

Median price of AV homes increases

Number of building permits for new homes skyrockets

PRICE: Valley saw 1,115 resale homes change hands in May

LANCASTER: The median prices of homes sold in May 2005 is up close to 30% across the Valley, compared to May 2004. Even more amazing is the report of building permits issued for home construction in the Valley, where the numbers of permits and the values of those permits have increased around 75%.

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Home Building Permits Issued in AV Location Jan.-May. '05 Jan. - May '04% change Palmdale 806 463 74.1% Lancaster 945 555 70.3% Uninc.AV 269 137 96.4% TOTAL AV 2,020 1,555 74.9%

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Value* of Home Building Permits Location Jan.-May. '05 Jan. - May '04% change Palmdale $185,490 $97,727 97.9% Lancaster 176,290 10,127 69.3% Uninc.AV 51,413 37,226 38.1% TOTAL AV $413,193 35,080 75.8%

-* Dollar amount is in $1,000s

Source: Construction Industry Research Board 2005