Single family home sales in the San Fernando Valley plummeted 26.5 percent in May to 629 compared to the same period a year ago, although median prices increased 8.3 percent. The median price of a single family home in the Valley rose to $650,000 from $600,000 in May, 2006, according to data from Southland Regional Association of Realtors. Condominium sales plummeted 37.5 percent to 250 for May, 2007, compared with 400 condos that closed escrow a year ago. Median prices for condos dipped 2.8 percent to $387,000 in May, from $398,000 a year ago. The percentage decline of home sales in the Valley was considerably lower than the decline across L.A. County but home prices have remained much more resilient in the local area than in the rest of the County.
Home Sales Continue to Slide, Prices Still Rising