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San Fernando
Sunday, May 28, 2023

Prices Rise, but Volume of Home Sales Slowing

The median price of a single family home in the San Fernando Valley in May rose 17.3 percent versus a year ago to $575,000, according to figures just released from the Southland Regional Association of Realtors. The median price of a condominium rose 21.4 percent to $290,000 for the same period. “It’s possible that 2005 rather than 2004 will be remembered as the peak of the makret and may wind up higher than the last year’s total primarily because interest rates unexpectedly have remained at incredibly low levels,” said Jim Link, executive vice president of SRAR. Sales volume however rose only slightly to 1.4 percent for the month of May versus a year ago. A total of 1,142 single family homes closed escrow during the month, the association said. A total of 394 condominiums closed escrow in the month, down more than 8 percent from the same period last year when 430 condominiums closed escrow in the Valley.

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