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Thursday, Feb 29, 2024

High Home Prices Keep Sales Flat

New home sales in the San Fernando Valley have reached a plateau because of high prices, according to a report from the Southland Regional Association of Realtors. The median price of Valley homes sold in November was $595,000, up 11.2 percent over a year ago, but down 4.8 percent from October. This year the single-family home price peaked at $625,000 in August and October, but that figure is 9.2 percent below the record high of $655,000 set in June 2007. The number of homes sold in November came in at 457, just one shy of the level of sales a year ago. “The local economy has improved with more jobs available throughout the region, yet that has not translated into increased housing activity throughout all of 2016,” Gina Uzunyan, president of the association, said in a statement. “Demand for home ownership remains strong, yet rising prices push the far too few available listings out of the price comfort range of many prospective buyers.” As for condominiums, 165 closed escrow in the Valley during the month, a 2.5 percent increase from a year ago. The condo median price was $380,000, up 3.4 percent from a year ago and 7 percent higher than in October. In the Santa Clarita Valley, 205 homes closed during November, up 33 percent compared to a year ago. The median price came in at $545,000, 4.8 percent higher than the previous year. The condo market in Santa Clarita had 89 closings during the month, an increase of 3.5 percent from a year ago. The condominium median price was $340,000, up 3 percent.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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