The median sales price for a home in the San Fernando Valley hit $600,000 in July for the first time since the height of the housing boom in September 2007, according to a Southland Regional Association of Realtors report released Thursday. The median figure represents a 15.4 percent increase over a year ago, but despite higher prices the pace of sales has continued on an upward trend this summer, reaching its highest level in 27 months.
There were 603 single-family homes that changed hands in the Valley during July, up 7.3 percent from a year earlier. Condo sales also increased, but by just 1.5 percent over last year, with a total of 200 closings. The condominium median price hit $350,000, up 13.3 percent from last July.
“The market is very healthy,” said Jim Link, the association’s chief executive officer. “The market is busiest from the median price of $600,000 and below and very strong in the ultra-high end, which is less sensitive to the market’s ups and downs.”
Inventory in the Valley remains tight but pending escrows were up 9.2 percent over last July, suggesting that sales will be brisk during the coming months. Link also noted that distressed sales played a negligible role in the San Fernando Valley home-buying market in July, with both foreclosure-related and short sales at record lows and standard sales making up 94.1 percent of the total.
In the Santa Clarita Valley, the median home price was at $509,500, an increase of 9.5 percent from a year ago but a decline of 2.2 percent from the June median price of $521,000. A total of 255 homes changed owners in July, up 20.3 percent over a year ago.
Condo sales in Santa Clarita were also up 22.7 percent over last July, with 119 units changing hands. The median price for a condo was $330,000, up 15.8 percent over a year ago.