Valley Meltdown: Home prices down 24% in seven months

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News item from the Daily News: ‘The median price of a San Fernando Valley home plunged a record $113,000 in January from a year ago and sales sank to an all-time low as credit and foreclosure problems further pounded the market, a trade association said Wednesday.’

At $500,000, median sales prices in the Valley have now fallen a staggering 23.7% since peaking at $655,000 last June. That’s 23.7% in seven months.

More: ‘Still, prices would have to fall further to make them affordable and turn around the sluggish sales market, said Daniel Blake, director of the San Fernando Valley Economic Research Center at California State University, Northridge. ‘I’m still not seeing a light at the end of the tunnel,’ Blake said.’

Hat tip: Brad Greenberg
Thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Photo credit: Aerial view of Ventura Boulevard in Sherman Oaks, from L.A. Times.