Home Resales Remain Sluggish in February : Real estate: Prices decline 13% from a year ago, but agents see hope in increased escrow openings.

Despite signs of a housing recovery in the country, sales of existing single-family homes and condominiums in the Valley continued their sluggish pace in February, declining 7% from a year earlier, the San Fernando Valley Board of Realtors reported Monday.

It was the second month in a row in which sales of residential housing fell 7% on a year-to-year basis, after an uptick in sales in the closing months of last year.

In February, the board said, 432 detached single-family houses in the Valley changed hands, down 2% from the 443 properties sold in the same month a year ago. Condominium sales, meanwhile, plunged 27% last month, to 80 from 110 sold in February, 1992.

As a result, combined sales of houses and condominiums in the Valley dropped to 512 from 553 a year earlier. Housing resale activity was sluggish throughout the Valley, although the northeast and southwest parts fared better.

Despite the gloomy report, some real estate agents said they were beginning to see signs of recovery.

“This was our best February in terms of open escrows,” said Carolyn Lamb, co-owner of Century 21 Lamb Realtors in Northridge, which has 60 agents. Because home sales usually take about two months to close escrow, she said, the Valley sales figures for February most likely reflect purchase decisions made late last year.

The Valley realty board said 695 open escrows were reported during February. And given the heavy rains in recent weeks, that is a strong number and shows “the market finally is beginning to come back,” said Lon Adams, president of the local realty board.

Throughout much of the country, particularly the Midwest, the housing market is resurging, fueled by the lowest residential mortgage rates in two decades. Last week the average 30-year fixed-rate mortgage was 7.5%.

Still, the signs of a rebound remain faint throughout most of the Valley. The inventory of unsold but listed properties remains high. Last month there was a stockpile of 9,121 houses and 2,647 condominiums--or a total of 11,768 properties--listed for sale in the Valley. That was a drop of 5% from a year ago, but an increase of 3% from January.

Such high inventories are continuing to put downward pressure on prices. In February, the average resale price of a single-family house was $256,500--down 13% from $294,200 a year earlier. Half of the Valley houses that closed escrow last month sold for more than $199,000 and half sold for less. That was 12% less than the median price of $225,000 for a house sold in February, 1992.

The average resale price of a condominium last month dropped 7%, to $144,500 from $155,200 a year earlier. The median price fell to $128,000--which was down 14% from $149,000 in February, 1992. Nonetheless, with the low interest rates, first-time buyers are choosing lower-priced homes rather than condominiums, the board said.

The Valley realty board, the largest in California, reports housing sales by its 7,900 members in the area from North Hollywood to Calabasas. Its figures do not include sales of most new residences.

February Valley House Sales NORTH WEST Avg. Price: $252,900 Sales: 21 NORTH CENTRAL Avg. Price: $266,600 Sales: 71 NORTH EAST Avg. Price: 160,600 Sales: 62 SOUTH WEST Avg. Price: $279,300 Sales: 132 SOUTH CENTRAL Avg. Price: $243,400 Sales: 52 SOUTH EAST Avg. Price: $288,400 Sales: 94