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Tuesday, Nov 29, 2022
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Home Sales? Through the Roof

More single-family homes sold in the San Fernando Valley in June than in any June in four years, according to the Southland Regional Association of Realtors Inc. That number – 612 residencies – was 6.3 percent more than what sold a year ago, the association reported. Sales activity also jumped nearly 18 percent from May. Prices for single-family homes also rose – by 6.8 percent – in June to a median figure of $600,000. Driving that pace is continued low interest rates and lack of inventory, the association said. There were 1,668 single-family homes and condominiums listed in June, 6.9 percent less than last year at this time. For condominiums, sales were down by 38 percent due primarily to the lack of affordable prices for first-time buyers, the association said. Median prices for condominiums in June rose 3.7 percent to $365,000 from a year earlier. Meanwhile in the Santa Clarita Valley, 265 single-family homes were sold, a year-over-year jump of 4.7 percent. Median prices rose more than 10 percent to $575,000, the highest since June of 2007. Condominium sales grew 16 percent to 127. Prices climbed 7.9 percent to a median amount of $340,000. Listings continue to drop for both types of dwellings, the association said. Overall, 599 residences are on the market, down 13 percent from last year. “Prices keep inching higher, yet they remain below the heights of the boom of last decade and increasingly are running into affordability issues,” said Jim Link, chief executive officer of the association.

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