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Saturday, Sep 30, 2023

Valley Home Prices Rise to Highest Level Since 2008

A lower number of properties on the market pushed home prices in the San Fernando Valley up to $430,000 in March, the highest price since July 2008. Just 1,015 homes were on the market last month, the second-lowest number on record, according to Southland Regional Association of Realtors, a Van Nuys trade group. “The drop in foreclosures, today’s extremely limited inventory, and growing competition for homes push resale price steadily higher,” said Sharon Barron, president of the association, in a statement. Home prices in the Santa Clarita Valley also went up, climbing to $420,000, more than 11 percent since February. Realtors in the area say many homeowners don’t yet feel confident enough to list their homes for sale, tightening the inventory levels and driving up prices for the few available. “Home prices in all price ranges clearly are on their way up,” said Bob Khalsa, president of the trade association’s Santa Clarita Valley division, in a statement. “There are multiple buyers for almost every property, yet nowhere near the supply needed to satisfy demand.”

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