The San Fernando Valley summer home-buying season hit its stride last month, even as the torrid pace of price increases slowed, according to a Southland Regional Association of Realtors report released Thursday.
There were 576 single-family homes that changed hands in the Valley during the June, up 9.7 percent from a year earlier. Condo sales did even better, with 210 sales during the month, a 19.3 percent increase over a year ago.
The single-family median home price rose 4.9 percent, to $562,000, from a year earlier but declined half a percent from May, when the median home price hit its highest level since October 2007.
The latest numbers reflect a severe lack of homes for sale, triggering a seller’s market with multiple offers on many properties, said Jim Link, the association’s chief executive, in a prepared statement. The report measured inventory at a 2.3-month supply, well short of the six-month inventory that represents a balanced market.
“The lack of inventory results from a lot of factors,” Link said, “including a decision by some owners to refinance while rates are still low rather than try to trade to a bigger or even a smaller home, which could well lead to higher property taxes given today’s resale prices.”
In the Santa Clarita Valley, median home prices hit $521,000, an increase of 8.3 percent from a year ago but a decline of 1.7 percent from the May median of $530,000. A total of 253 homes changed owners in June, up 33.2 percent over a year ago.
Condo sales in Santa Clarita were also up 13.4 percent over last June, with 110 units changing hands. The median price for a condo was $315,000, up 8.6 percent over a year ago.
The sales pickup is typical for this time of year, said Bob Khalsa, president of the Santa Clarita Valley Division of the realty association, in the statement. “The strong activity was expected and will continue for the months ahead, especially given heavy pent-up demand from buyers, many of whom want to buy before interest rates on home loans increase.”