Average Price of House Reaches Record $289,700

The local housing market set record prices for single-family houses and condominiums in April, according to the San Fernando Valley Board of Realtors.

The average price for a single-family house rose to $289,700 in April, up 5% from the March average of $276,600, and bested the previous high of $280,200 set in December. April’s average price marked a 24% jump since April, 1988. Last month, 1,202 single-family houses were sold, an increase of less than 1% from March.

Condominiums, which haven’t matched the appreciation levels of single-family houses, set a record average price of $140,500 in April, breaking the record of $134,900 set in March. Last month’s average condominium price marked a 19% increase from April, 1988. Last month, 402 condominiums were sold, down from 439 units in March.

Although the sales figures continue to be impressive, mortgage rates have continued to climb in recent months and a 30-year fixed-rate mortgage now carries an interest rate between 11% and 12%, up from 10% to 11% late last year.

Buddy Bernard, president of the Valley realty board, said he expects condominium demand to hold strong for the rest of the year because condominiums remain relatively affordable for first-time buyers who can’t afford a single-family house.

He also said the market for single-family houses appears to be quieting a bit. “The days of five, six or seven offers on a single property appear to be ending,” he said.

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 generally are not sold by real estate agents, or sales by homeowners who sell their homes without agents.

APRIL VALLEY HOUSE SALES

NORTH WEST Avg. Price: $296,000 Sales: 57

NORTH CENTRAL Avg. Price: $288,200 Sales: 175

NORTH EAST Avg. Price: $164,800 Sales: 215

SOUTH WEST Avg. Price: $344,263 Sales: 287

SOUTH CENTRAL Avg. Price: $309,900 Sales: 175

SOUTH EAST Avg. Price: $315,600 Sales: 293