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Thursday, Mar 28, 2024

Median Home Price Slips

Have single-family home prices finally begun to decline? A just released report from the Southland Regional Association of Realtors found that prices in the month of November were off, albeit just 1 percent, from the median price of a single family home in the San Fernando Valley a year ago. For November 2006, the median price of a single family home was $595,000. Although the drop is miniscule, it is the first time that home prices in the area have slipped in years, and the first time prices have shown some vulnerability despite a considerable slowdown in sales which began earlier in the year. Condominium prices dipped as well to a median of $391,000, down from $393,000 a year ago. Meanwhile, the slowdown in single-family and condominium resales continued in November, with single-family home sales in the San Fernando Valley declining 22.5 percent and condo sales dropping 21.3 percent for the month, the area’s trade association reported. A total of 753 single-family homes and 284 condominiums were sold in the month, according to data from the Southland Regional Realtors Association.

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