Home Prices Rise in May

May was an extremely busy month for residential Realtors in the Santa Clarita Valley. Sales of single-family homes in the area surged 26 percent to 252 transactions, according to the Southland Regional Association of Realtors Inc. Median prices for homes reached $550,000, which the organization says is the highest price for the month of May in nine years, and a 3.8 percent increase compared to the same year-ago period. For condominiums, median prices jumped significantly – 11 percent – to $349,500. The number of residencies listed for sale is down 20.1 percent from a year ago to 506 properties. “There are 10 or 15 people coming through the door of every listing eager and ready to buy,” said M. Dean Vincent, president of the Santa Clarita Valley division of the Realtors organization. “If you’re an owner whose property is not selling, something is wrong or the list price is too high.” In the San Fernando Valley, activity fell in May for single-family homes due to low inventory and rising prices, but condominiums saw a double-digit jump in sales, according to Realtors. The 521 single-family homes that sold represented a drop of 7.5 percent from a year ago. From January through May, sales activity is down 5.7 percent from the same time period a year ago. Median prices for single-family homes rose over the month by 6.2 percent to $600,000, up from $565,000 a year ago. Condominium median prices also rose – by 4.4 percent – to $358,000 from a year ago. Despite that, the number of condominiums that sold – 201 – surged 23.3 percent. The number of residences listed for sale last month fell 4.5 percent to 1,500. “The market could be better, although the combined impact of low inventory and falling affordability prevent the market from overheating,” said Jim Link, the Association’s chief executive.