Econowatch

By JENNIFER NETHERBY Staff Reporter The average sale price for homes in the San Fernando Valley continued to increase in January, even as the number of homes sold saw a 12.6 percent decline from the previous year, according to a Southland Regional Association of Realtors report. “Overall, we do think the market is showing we’re strong and we’re in pretty good shape,” said Beth Sommer, association president. The real estate trade group reports that 721 homes were sold in January, down from 825 in January 1998. Still, January 1999 had the second highest number of homes sold this decade. Sommer believes sales this year will remain high. “Last year was the comeback of the marketplace,” Sommer said. “(January 1999) was decent. It’s the beginning of the upcurve. In spring and summer, (home sales) start to go up.” The average price of a home rose from $237,500 in January 1998 to $256,200 January 1999. The most recent average price is actually a decline from December 1998, when the average Valley home sold for $267,300. The median price for a single family home in January 1999 was $190,000, up from $174,400 in January 1998, according to the report. Last month, the association reported that 1998 home sales were the highest in 10 years, up almost $1 billion over 1997.