To sum up the Thousand Oaks market in October, rent has noticeably declined over the past month, while home prices have held steady, although the speed of transactions has slowed.

The numbers may have varied across different sources, which could be confusing, so today I will clarify the sources and reference points one by one.

First, let's look at rent. According to Apartment List's November report, the median rent for Thousand Oaks as of the end of October is $2,813.

In just the month of October, it dropped by 2.6%. Compared to a year ago, it is down by 2.0%.

In the same report, the annual rent change for the Oxnard metro area was a decrease of 0.5%. This means that Thousand Oaks had the lowest annual increase within the metro area.

However, the price level itself remains high. The median rent in Thousand Oaks is 14.8% more expensive than the overall metro area, while the cheapest area in the metro, Ventura, had a median rent of $2,201.

The Zillow rent index shows a slightly different picture. As of September, the Thousand Oaks rent index was $3,357, which is 1.5% higher than a year ago.

However, it has decreased from a peak of $3,445 in June, dropping 2.5% over three consecutive months by September.

It is not unusual for the two figures to differ by over $700. The Zillow index reflects both single-family homes and condos, while Apartment List primarily aggregates apartments.

Therefore, those looking for apartments should refer to Apartment List, while those interested in single-family rentals should use Zillow as a reference for a more accurate picture.

Both sources agree on one direction: the rent that rose in the summer has definitely cooled down in the fall.

Now, let's discuss sales. According to the Zillow Home Value Index, the average home value in Thousand Oaks in September was $1,027,863, which is an increase of 1.8% compared to a year ago.

While it has been rising slightly each month this year, it has essentially remained stable between August and September.

For October transactions, I referred to the Houzeo page, which aggregates data from California's MLS. The median sale price in October was $1,079,000, up 0.37% from a year ago.

The average time it took for properties to sell was 54 days. The ratio of actual sale price to listing price was 98.32%, indicating that properties generally sold for slightly less than the asking price.

There were 300 active listings, and the inventory depletion period was recorded at 3.1 months. The page itself classifies the current market as balanced.

From my perspective, having observed this neighborhood for a long time, the atmosphere feels quite different now. It is definitely not the same as the days when multiple offers were common a few years ago.

The background to this change is interest rates. The average 30-year fixed rate from Freddie Mac was 6.65% on August 20, but it rose to 7.40% on October 8 and 15.

The figure announced on October 29 was 7.24%, showing a slight decrease. However, it is still over 0.5 percentage points higher than in the summer, significantly increasing the monthly payment burden for buyers.

Within Thousand Oaks, circumstances vary depending on the area. Townhomes in Newbury Park and single-family homes in hilly areas like Lang Ranch have different price ranges, buyers, and transaction speeds.

In areas around Conejo Valley Unified School District, which many Korean families consider, listings tend to be scarce, so they often have stronger holding power than the city average.

Conversely, older homes that require significant repairs may take much longer than the average of 54 days to sell. This is why you should not judge your home value based solely on city-wide numbers.

So, what should you check now? If you are a tenant, look at the recent listing prices for similar units in the same complex before renewing your lease.

During a period of declining rents, there may be room to negotiate for lower increases or even a month of free rent.

If you are considering buying, be sure to look at the recent three-month sales and the sale price to listing price ratio in your desired neighborhood. It's also wise to calculate how much your monthly burden would change with a 0.5% interest rate difference.

If you are selling, it is important not to set your initial price too high out of greed. In a slow market like this, properties that take longer to sell often end up being discounted more.

If you are calculating rental income for investment purposes, you should reassess using the current rent levels rather than the summer peak rents.

In my opinion, this fall is a market where there is no rush. If you are looking for a home to live in long-term, I recommend watching the market in your desired neighborhood calmly while keeping an eye on interest rate trends.

October sales and the Zillow index for October will be released after mid-month. I will revisit the numbers once they are updated.