August Home Prices Reach Nine-Year High

Single-family homes in the San Fernando Valley sold in August for their highest monthly prices since 2007, according to the Southland Regional Association of Realtors Inc. The median home price was $625,000, a 7.8 percent jump from the same month last year, and the highest median price in any month for nine years. Condominiums saw their median price rise 4.1 percent to $385,000, the association said. Sales volumes for single-family homes shrank in August to 545 transactions, off 5.5 percent from a year ago, while condominium sales picked up 6.9 percent to 201. Realtors with the association said sales activity of Valley single-family homes may have slowed last month because of new disclosure rules that make it difficult to close deals. Plus, they said, some people are waiting for the pending November presidential elections to pass until they list their homes. In Santa Clarita, sales activity fell for both types of residential housing, the association said. Only 98 condominiums sold in August, 19 percent fewer than a year ago. Single-family home sales fell 1.7 percent to 244. Slowed condominium activity could be related to a nearly 7 percent boost in the median price last month to $347,500. Single-family median home prices rose 3.1 percent to $539,000 in the Santa Clarita market.