House Prices Rise in Valley Region

Prices for homes of all types saw healthy increases in 2016 in both the San Fernando and Santa Clarita valleys, according to the Southland Association of Realtors. Last year, the annual median price of single-family homes in the San Fernando Valley rose 8 percent over the prior year to $599,733. That’s still below record highs of 2007, the association said. However, the number of homes that sold over the year fell 4 percent to below 6,000. It was a similar story for condominiums. Annual prices rose 6.3 percent to $373,208, but the number of units sold fell 0.6 percent. In December, home prices rose about 2 percent from a year ago to $575,000 across 496 sales. Condominium prices increased to $380,000 and were flat from the prior year, while 181 of the dwelling units changed hands. The Santa Clarita residential market had a different story in 2016 in which both price and sales volume increased. Over the past year, prices of single-family homes grew 6 percent to $542,933 while the number of sale transactions rose nearly 2 percent. Condominium prices increased about 8 percent to $338,875, although volume dipped slightly below 1 percent. December home prices rose 7 percent to $555,000, while prices for condominiums increased 10 percent to $340,000. The association said it forecasts the rise of prices for residential properties will continue to slow. However, affordability will come only through reforms of local and state housing initiatives.