Sales of Single-Family Houses Still Sluggish : Real estate: Despite low interest rates, the inventory of properties on the market remains near a record high.

Despite low mortgage interest rates, sales of single-family houses and condominiums remained slow last month, according to a study by the San Fernando Valley Board of Realtors.

A total of 980 residential properties sold in the Valley in September, an increase of less than 1% from the 974 houses and condos that sold in August, the board reported.

Last month’s sales total was up 16% from the 846 houses and condos that sold in September, 1990.

Meanwhile, the inventory of properties on the market remained near a record high. A total of 14,167 houses and condos were listed for sale in September, only 1% fewer than the all-time record of 14,330 listings in August.

Board President Steve Owen said September’s sales uptick was promising, but added that it’s too soon to predict a rebound in the market. He blamed the continuing sluggish sales on sellers pricing their homes too high.

“Properties priced correctly and in tiptop condition are selling, but the price tag on too many of today’s listings is simply too high,” Owen said. “Even if by sheer luck you found a buyer willing to pay a crazy price, there’s a good chance the appraiser would kick it out and lenders would refuse to finance the purchase.”

Of the total sales last month, 761 were single-family houses. That marks a 2% increase from the 750 single-family units sold in August. Sales of condos, however, fell 2% to 219 from 224 the month before.

The combined average price of houses and condos that sold last month was $265,800, 4% lower than August’s average price of $277,100. The median price--the price at which half the properties sold for more and half sold for less--fell 2% to $210,000 in September from $215,000 in August.

For single-family houses, the average price of $295,000 in September was 6% lower than in August and 1% below the average price in September, 1990. The median price of single-family houses sold in September was $229,000, down 3% from the previous month and flat with a year earlier.

The average price of condos sold in September was $162,100, a 4% increase from August and 11% above September, 1990. The median price last month, at $154,000, was up 5% from August and 14% from a year earlier.

The Valley realty board, the largest in California, reports housing sales by its members in the area from Agoura to North Hollywood.

Its statistics do not include sales of most new residences.

September Valley House Sales North West: Avg. Price: $252,100 Sales: 29 North Central: Avg. Price: $286,800 Sales: 98 North East: Avg. Price: $171,600 Sales: 131 South West: Avg. Price: $349,500 Sales: 259 South Central: Avg. Price: $309,400 Sales:109 South East: Avg. Price: $317,100 Sales: 135