Valley Home Prices Remain Strong

The median price for San Fernando Valley single-family homes reached $625,000 for the second time this year in October, according to the Southland Regional Association of Realtors Inc. The value represents an 11.2 percent increase year-over-year. Median home prices in the San Fernando Valley have remained above the $600,000 benchmark for seven straight months. They first reached the nine-year peak of $625,000 in August. In contrast, the number of single-family homes sold in the San Fernando Valley fell to its lowest for the month since 2007. A total of 485 area homes changed hands in October, falling 4.3 percent from the same period last year. Condominium sales the San Fernando Valley declined both in regards to the monthly median price and the total number of units sold. The sales of 200 condos closed in October, down 4.3 percent from the prior year, with the monthly median price falling around 4 percent year-over-year to $355,000. In the Santa Clarita Valley, the median price of a single-family home in October grew nearly 10 percent year-over-year to $548,000, while the number of homes sold during the month fell 1 percent from the previous year to 203. Both the median price and number of condominiums sold in the region increased from the same month last year, with the price jumping 3.8 percent to $327,000 and the total number rising 2.2 percent to 95.