After setting a record-high median price in March, the price of single-family homes that closed escrow during April leveled off at $630,000 in April, the Southland Regional Association of REALTORS® reported on Tuesday, May 22.
The $671,500 median in March shattered the prior record of $655,000, which came in June 2007.
Nonetheless, the April median home price of $630,000 was up 3.3 percent from a year ago.
The median price of condominiums sold in the San Fernando Valley during April was $390,000, up 8.6 percent compared to April 2016.
“Prices locally and statewide have been rising since 2012, pushed higher by a very low inventory and heavy demand from buyers,” said Nancy Starczyk, president of the 9,600-member Southland Regional Association of REALTORS®. “Most likely, prices will continue to rise, but at a moderate pace as the pool of buyers who can afford to purchase shrinks and interest rates on home loans tick up,”
A total of 476 single-family homes changed owners during April. That was down 7.4 percent from a year ago.
REALTORS® also helped close escrow on 168 condominium transactions, up 1.8 percent.
“No doubt rising prices impact sales, but the more dramatic limitation comes from the extremely tight inventory of homes and condos listed for sale,” said Tim Johnson, the Association’s chief executive officer. “There simply are not enough properties available to meet normal demand, which would ease pressure on prices and reduce the number of multiple offers.”
The Association reported 1,204 active combined residential listings at the end of April throughout the San Fernando Valley. That was down 16.0 percent from a year ago and represented a 1.9-month supply at the current pace of sales.
For comparison, the local record low of 955 listings was set in December 2012. The record high of 14,976 active listings occurred in July 1992.
Through the boom years of last decade listings averaged 3,000 per month before rising to a peak monthly average of 6,000 listings per month in 2008 as the market went into free fall.
Pending escrows, a measure of future sales activity, were down 8.1 percent from April 2016.
There were relatively few distressed sales reported last month in the San Fernando Valley.
The Association reported 12 foreclosure-related sales, for a 1.9 percent share of the residential market, and eight short sales, for a 1.2 percent share.
Traditional buyers and sellers accounted for 617 standard sales or 95.8 percent of the total.
The Southland Regional Association of REALTORS® is a local trade association with more than 9,600 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
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