Econowatch

Econowatch/dt1st/mike2nd BY JOAN OSTERWALDER Staff Reporter The number of San Fernando Valley homes sold in October rose by 1 percent over the previous year, but the median home price jumped about 12 percent, according to the Southland Regional Association of Realtors. The median price for a single-family home sold in October was $192,000, up $20,500 from the same period last year. Escrow closed on 1,038 homes in October compared to 1,027 in October 1997. Bud Mauro, president of the Southland Regional Association of Realtors, a trade organization with 6,012 members from the San Fernando and Santa Clarita valleys, said the numbers show that “the market has definitely recovered.” Realtors are bracing for an expected slowdown this holiday season, but after Christmas and New Year’s Day, sales should pick up, he said. The price rise was even steeper in the Valley’s condominium market, even though the number of condos sold actually dropped. Condominium resales fell to 257 this October, down from 264 in October 1997. The median sales price for a condo rose from $87,000 last October to $115,000 this year, a 32 percent increase. However, that October 1998 median was 2.5 percent below the median Valley condo price in September 1998.