Sales of Single-Family Houses Rise in May, But Pace Is Far Behind Last Year’s Figures : Real estate: Local realtors say sales remain strong for properties costing less than $300,000.

Sales of single-family houses in the San Fernando Valley climbed 7% in May, to 882 from 824 in April, but the sales pace was a sharp 34% below the 1,383 sold a year ago, the San Fernando Valley Board of Realtors reported Monday.

The average resale price of a single-family house climbed 1% in May, to $306,400 from $303,100 in April. Prices were 7% higher than in May, 1989, when the average resale price was $287,400.

The average resale price of a condominium in the Valley, meanwhile, rose 3% to $153,100 from $149,000 in April. But the average price was virtually the same as the $153,410 set in May, 1989.

The number of monthly condominium sales was almost unchanged. In May, 339 condominiums were resold, compared to 338 in April. But the pace of sales for May dropped off steeply--by about 30%--from May, 1989, when 481 condominiums were resold.

“The single most important factor influencing sales activity is affordability,” board President Becky Roberts said in a statement. “Sales remain hot for properties priced under $300,000. The higher you go from that figure, the softer the market gets.”

The board’s executive director, Jim Link, predicted that the large supply of unsold houses would prevent single-family house prices from rising as quickly as they did in 1988 and 1989. “Those days are gone,” Link said in a statement.

Interest rates on standard 30-year fixed-rate mortgages from area banks and savings and loans showed little movement throughout the month, hovering between 10% and 11%. And Link said the rates had little effect on sales recently, because mortgage interest rates were at levels comparable to what they were in 1988 and 1989, when the pace of sales was much faster than today.

The Valley realty board is California’s largest, and it reports on sales of houses and condominiums by its members in the area from North Hollywood to Agoura.

MAY VALLEY HOUSE SALES

NORTH WEST Avg. Price: $307,200 Sales: 33

NORTH CENTRAL Avg. Price: $328,800 Sales: 139

NORTH EAST Avg. Price: $181,800 Sales: 191

SOUTH WEST Avg. Price: $366,500 Sales: 180

SOUTH CENTRAL Avg. Price: $332,800 Sales: 118

SOUTH EAST Avg. Price: $337,000 Sales: 221