Average Price of a House Hits Record $265,300

House and condominium sales continued at a blistering pace in the San Fernando Valley in July, setting price records, the San Fernando Valley Board of Realtors reported Monday.

The average price for a single-family house sold in the Valley was a record $265,300 in July, up nearly 7% from the previous record average price of $248,800 in June, according to the board survey. The July price was up 25% from the $211,600 average price reported in July, 1987.

Sales of single-family houses rose to 1,495 in July, down 2% from the record 1,525 sold in June.

Board President Tom Carnahan said that while he expects house sales to continue at a brisk pace, the boom may slow toward the end of summer, typically the busiest time of the year for home sales.

Nationwide, housing sales have been brisk, in part, economists say, because consumers expect mortgage rates to rise. Some analysts have said the prospect of increasing interest rates later this year means the home-sale boom may have peaked nationally.

Condominiums also set a Valley price record in July. The average condominium sold for $133,000, up 4% from the previous record of $128,100 in June. Real estate agents have said for some time that the surge in house prices has put single-family houses out of the reach of many buyers, and they have little choice but to turn to condominiums.

Condominium sales continued to climb to a record 440 in July, up 11% from June’s total of 395. The previous record was 404 sales in May.

Sales of single-family houses and condominiums combined rose to 1,935 in July, up 26% from a year earlier and the highest level in the 1980s. The record number for a single month still stands at 2,559 homes, set in April, 1979.

The south-central area of the Valley, which includes Tarzana and Encino, had the highest average house price at $324,900. The second most expensive area--at $295,800--was in the southwest, which includes Canoga Park and Woodland Hills.

The Valley realty board, California’s largest, reports sales by its members in the area from North Hollywood to Agoura. Its statistics do not include most new residences or homes sold by their owners.

JULY VALLEY HOUSE SALES NORTH WEST Avg Price: $265,900 Sales: 72 NORTH CENTRAL Avg Price: $247,200 Sales: 232 NORTH EAST Avg Price: $145,100 Sales: 199 SOUTH WEST Avg Price: $295,800 Sales: 373 SOUTH CENTRAL Avg Price: $324,900 Sales: 246 SOUTH EAST Avg Price: $270,900 Sales: 373