Many Valley Home Prices Stay Strong

Although the volume of home sales continued to slow in November, the majority of greater San Fernando Valley communities saw a continued escalation in home prices, in some cases experiencing double digit increases. The local trend is well ahead of statewide statistics which show that median home prices rose a mere 1.4 percent in November compared to the year-ago period, according to the California Association of Realtors. According to the data compiled for C.A.R. by DataQuick Information Systems, median home prices throughout the San Fernando Valley rose an average of 1.9 percent to $550,000 in November, with the Southeast Valley registering 3.2 percent gains in median home prices. But some area saw even bigger hikes. The median home price in Encino rose 37 percent to $750,000, the median home price in Canoga Park rose 19.3 percent to $540,000 and in Valley Village, prices rose 10 percent to $742,500, according to the research from DataQuick. In all 17 greater Valley communities saw home prices increase in the month while only 10 saw prices drop. The most significant decreases were felt in western submarkets, with home prices in Camarillo falling 17.3 percent to $578,250, prices in Moorpark sinking 10.6 percent to $611,250 and prices in Newbury Park decreasing 10.6 percent to $675,000. Other communities that saw prices fall included Agoura Hills, with a 5.8 percent decrease, Tarzana, with a 4.5 percent drop, and Northridge, where the median price of homes fell 3.2 percent in the month. Among the other gainers, Burbank home prices rose 6.1 percent, Reseda prices increased 6 percent and the median price of a home in the city of San Fernando rose by 7 percent. On a statewide basis, home sales dropped by 22.2 percent in November, but the association noted strong differences across the region in pricing. “Although the statewide median price is on track to post just under a 7 percent increase for the year, there is a mixed picture across the state, with more regions reporting year-to-year declines than increases at this point,” said Leslie Appleton-Young, chief economist for the group.