Housing Prices Climb, Inventories Drop Across Valleys

Single-family home and condominium prices in the San Fernando and Santa Clarita valleys continued to climb in January compared to a year ago, while for-sale inventories continued to drop, according to the Southland Regional Association of Realtors Inc. The median price for San Fernando Valley homes last month was $605,000, a 6 percent jump from a year ago. Realtors with the association noted that while high, the price is still lower than the record price of $655,000 that hit in June 2007. Single-family home sales totaled 377, up 12 percent from a year ago. Condominium median prices also underwent a sharp bump up of 10-plus percent to $400,000, the association said. That’s not far below the $415,000 median price – a record high – reached in February 2006. Despite the increasing prices, properties continue to receive multiple offers, members of the association said. In the Santa Clarita Valley, about 26 percent more condominiums sold in January than a year ago, although the volume dropped from December. The median price rose nearly 18 percent over the year to $360,000. Santa Clarita Valley homes that sold last month had a median price that grew almost 6 percent to $560,000. Sales volume also rose by 9 percent to 123 transactions. Distressed sales, which have been steadily dropping, accounted for less than 2 percent of all January sales in both Valley areas, according to the association.