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Thursday, Mar 28, 2024
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Valley Home Sales Post Surprising Gain

San Fernando Valley home sales posted a surprising gain in September, defying the typical seasonal slowdown that corresponds with the start of the school year, but median prices continued a downward slide that began in August, according to a Southland Regional Association of Realtors report. “It’s been a remarkably strong local market,” said Gaye Rainey, president of the organization. “We’re not seeing any slowdown, which is unusual for this time of year.” There were 582 single-family homes that changed hands in the Valley during September, up slightly from August’s 577 sales and up 18.5 percent from a year ago. The pace of condominium sales also increased, with 207 transactions during the month – 10.1 percent ahead of August and up 24.7 percent from the previous September. The single-family median home price came in at $555,000, up 3.7 percent from a year earlier but down 4.3 percent from August. The Valley median price peaked at $600,000 in July, its highest level since October 2007. The condominium median price in the Valley also fell from its peak, which occurred in August when it hit $370,000. In September, the median was at $346,000, down 6.5 percent from August but up 9.8 percent over a year ago. Jim Link, chief executive of the realty group, said unseasonably heavy sales activity might be attributed in part to an anticipated interest rate hike. But with the refinancing market going strong, homeowners are fixing up their residences and deciding to stay in them, which contributes to a lack of inventory that will likely apply the brakes to sales activity eventually, he said. The inventory of homes listed for sale continued to dwindle in September, with 1,728 active listings – off 6.7 percent from a year ago. In the Santa Clarita Valley, median home prices hit $515,000, an increase of 5.1 percent from a year ago but off 1.5 percent from August. A total of 210 single-family homes changed owners in September, up 12.3 percent over a year ago. Condo sales in Santa Clarita were up 9.7 percent over last September, with 102 units changing hands. The median price for a condo was $325,000, up 16.1 percent over a year ago. Bob Khalsa, president of the Santa Clarita Valley Division of the realty association, also pointed to the threat of rising interest rates as a spur to the market. “It’s been a busy summer, suggesting consumers have greater faith in the economy,” he added.

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