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Thursday, Feb 22, 2024

Report: Valley Home Prices Mixed

Home prices in the San Fernando Valley rose by 12 percent in October compared to a year earlier, according to report released Monday by the Southland Regional Association of Realtors. That was the highest year-over-year gain since May, but the news was tempered by conflicting price data: The median is down 14 percent since September. What’s more, a total of 494 single-family homes changed owners during October, down 5.2 percent from a year earlier and up less than a percent from September. “The single-family median price appears to have peaked in August at $543,000,” said Roger Hance, president of the group, in a statement. “The increases since then have been modest and more in line with more balanced market. So, it’s a bit surprising to see a 12 percent gain in October, although with interest rates dropping even lower recently, the year may well end with more unusual notes.” The number of properties on the market climbed 18.5 percent from last October to 1,847, nearly a three-month supply. In the Santa Clarita Valley, median home prices rose 4 percent from last October to $457,000, but were off nearly 7 percent from June. Inventory rose more than 11 percent from a year earlier to 616 active listings, a bit more than a two-month supply. Nancy Starczyk, president of the association’s Santa Clarita Valley division, said the market is in a strong position. “The local market is showing strength, continued demand, and even a rising inventory, all signs that consumers have faith in the local economy,” she said in a statement. “It’s a tribute to the desirability of our Valley and the steps taken by local leaders to ensure continued growth and stability. Low interest rates help a lot, too.”

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