The number of single-family homes sold in the San Fernando Valley during October dropped 22.7 percent from a year ago, another sign of a readjusting Southern California housing market, according to a study of housing trends by the Southland Regional Association of Realtors. In October 771 homes closed escrow, compared to 814 in September and 998 in October 2005. The average price was also slightly down, from $663,600 a year ago to $642,600, a 3.3 percent drop. The month saw 4,931 homes on the market, up 55 percent increase from October 2005. Condominium resale statistics also showed a mixed picture. Escrows dropped 31.2 percent from October 2005 to 2006 and 16.7 percent during the month. Compared to last year, active listings are up 69.6 percent to 1,850 units. The average condominium sold for $424,200, 2.2 percent from last year and $2.1 percent from last month. Overall, 1,020 homes and condos closed escrow during the month, 25 percent lower than last year, while the average price $663,600 is up 3.3 percent from October 2005.
