Valley House Sales Slow; Prices Fall 1% in November

November sales of single-family houses in the San Fernando Valley fell 16% from the previous month but remained a brisk 22% ahead of the pace a year earlier, the Valley Board of Realtors said Monday.

This year’s surge in house prices also slowed in November. The average price last month was $267,300, down less than 1% from a record $268,900 set in October, but up 21% from the $221,200 average in November, 1987, the board reported.

Condominium sales in the Valley showed a similar trend. November sales of condominiums slipped 2% from October, but were up 66% from a year earlier. The average resale price of a condominium was $133,800, up about 1% from $133,000 in October, but down 8% from the $144,900 average price a year ago.

Housing sales typically slow in the fall months as potential buyers and sellers become preoccupied with the new school year and the holidays. But mortgage rates, having edged higher in recent months, remain fairly stable and continue to spur sales activity, the board said.

“Buyers apparently want to lock in relatively favorable mortgage interest rates now, rather than wait until next year to see what happens with the new Administration in Washington,” board President Tom Carnahan said.

In November, sales of single-family houses totaled 1,216, down from 1,451 in October, but an increase over the 995 a year ago. There were 409 condominium sales last month, down from 418 the previous month but up from 246 in November, 1987, the board said.

Close to Record Pace

Sales of houses and condominiums also are close to a record pace for the full year. Through November, 18,313 houses and condominiums had been sold in the Valley, easily exceeding the 16,495 sold in 1987. The record single year for sales was 1979, when 19,964 units were sold. This month’s sales would have to exceed November’s tally only slightly to set a new mark.

The hottest sales area in the region last month was in the eastern Valley, including portions of Studio City, Van Nuys, North Hollywood, San Fernando, Pacoima and Sun Valley. Sales in that region totaled 723 houses and condominiums, or 44% of the total for the Valley.

The Valley realty board, California’s largest, reports sales of houses and condominiums by its members in the area from North Hollywood to Agoura. Its statistics do not include most new residences, which are generally sold without a real estate agent, or existing houses that are sold by their owners.

NOVEMBER HOUSING SALES NORTH WEST Avg. Price: $270,100 Sales: 64 NORTH CENTRAl Avg. Price: $278,200 Sales: 187 NORTH EAST Avg. Price: $155,500 Sales: 214 SOUTH WEST Avg. Price: $307,298 Sales: 266 SOUTH CENTRAL Avg. Price: $294,500 Sales: 172 SOUTH EAST Avg. Price: $287,700 Sales: 313 Los Angeles Times