Home sales in the San Fernando Valley were down in August, as prospective home buyers continue to grapple with rising prices.
The median price rose 7 percent to $560,000, according to the San Fernando Valley Economic Research Center at Cal State Northridge.
Rising prices pushed sales down 24 percent in August, compared with the same month a year ago. On a month-to-month basis, sales dropped about 11 percent, continuing a trend that has gone on for 11 months.
Sales of new and previously owned houses and condominiums fell from 1,707 a year ago to 1,304 last month, the center said. And sales dropped from 1,471 in July.
The bright spot was a steep decline in foreclosures, which dropped more than 70 percent in August, compared to the same month last year. In the Valley, only 24 homes were for foreclosed on last month, down from 84 in August last year.
The total represented the least amount of foreclosed homes on since May 2006, when the number was 21.