Home Sales Down 25 Percent

Single family home resales in the San Fernando Valley dropped to 856 in May, declining 25 percent over the year ago total and 7.6 percent compared to April sales, the Southland Regional Association of Realtors reported today. The median price of homes sold in the month was $600,000, up 4.3 percent from a year ago. Condominium resales totaled 400 in May, up 1.5 percent from the year ago figure and 9.9 percent ahead of the April totals. Meanwhile inventories of single-family homes and condominiums increased by 145.7 percent to 5,471 listings. Single-family home inventories were up 130.3 percent to 4,072 while condominium inventory stood at 1,3999, up 204.8 percent in May.