San Fernando Valley home sales ended the final month of the year the same way they started – on a downturn, even as the median price climbed 5.6 percent, according to a report released on Monday. There were 1,246 single-family houses sold in the Valley, down 5.6 percent from December 2013. Prices climbed to $543,000, the 31st straight month they have risen, though still down an inflation-adjusted 25 percent from their May 2007 peak, said the report by the San Fernando Valley Economic Research Center at Cal State Northridge. William W. Roberts, director of the center, said he expects the housing slowdown to continue into at least March with home prices rising a modest 5 to 7 percent this year. “Prices are about where they should be. This is not a down market, it’s more like a normal, sustainable market,” he said. “There are not a lot of people moving into the area, so there’s not a lot of pressure on the market.” He noted that the economic recovery has been sustained but not particularly strong, so many people at retirement age are continuing to work and stay in their homes while apartment dwellers continue to rent. “Most people believe that the recovery’s here, but they don’t really feel it. While there’s been a relative improvement in employment, that has to continue for a longer time before it affects home sales,” he said. For last year as a whole, Valley home sales were down 11.2 percent, with 15,058 houses sold in 2014 as compared to 16,956 houses sold in 2013. On a positive note, North Hollywood and Van Nuys saw sales rise by 23 percent in December. The loser of the month was the Northeast region – Olive View, San Fernando, Pacoima, Panorama City, Sun Valley, Sunland and Tujunga – where sales declined by 24.9 percent over the period a year earlier. Both foreclosures and default notices fell in December. Default notices were down by 12.5 percent, with Pacoima recording the highest number at 23. Foreclosures fell significantly Valley-wide, down 31.6 percent from a year earlier. No Valley ZIP code had more than seven foreclosures, according to the report.
