Down (54%) in the Valley

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Good morning. If I had to pick only one region of Los Angeles to monitor for housing trends, in hopes of capturing the overall market, I’d probably pick the San Fernando Valley. Yes, it’s expensive (median sales price $590,000), but it’s a big area, containing within it a range of neighborhoods and properties.

That said, things are looking down in the Valley. From the Daily News: ‘Home sales in the San Fernando Valley hit a record low for the second consecutive month in October, plunging 54 percent from a year ago as mortgage industry turmoil continued to roil the market, a trade association said Wednesday.’

More: ‘Last month 354 previously owned houses changed owners, 417 fewer than sold last October and down eight sales from the previous record low of 362 in September, said the Van Nuys-based Southland Regional Association of Realtors.

Inventory: 7,730 properties listed for sale in the San Fernando Valley, a 16-month supply.

Your thoughts? Comments? Insights? E-mail story tips to peter.viles@latimes.com.
Photo Credit: ‘The Valley,’ submitted to LATimes.com’s Your Scene by Murchy