Valley’s Housing Market Rebounds in July : Real estate: Sales are up 15% from a year earlier. Much of the activity comes from first-time buyers attracted by a sharp drop in prices.
Spurred by a 10% drop in single-family house prices, the Valley’s housing market rebounded in July as combined sales of existing houses and condominiums surged 15% from a year ago, the San Fernando Valley Board of Realtors reported Monday.
The board said 828 single-family houses in the Valley changed hands last month--the highest monthly sales since April, 1991.
The July figure soared 24% from the 670 houses sold in July, 1992, and was 4% better than the 800 single-family houses sold in June.
“July was a good month, but if recovery is here it’s very slow,” said Alice McCain, president of the realty board, noting that the trade-up market is still sluggish because sellers are holding out and waiting for a recovery.
Indeed, much of the housing activity last month came from first-time buyers, and it was fueled by a sharp drop in prices. The average price of a single-family house sold in July plunged 10%, to $246,000 from $272,700 a year earlier. The median price also fell 10%, to $195,000 from $216,000 in July, 1992.
“Median price” means half the houses sold last month for less than $195,000, and half sold for more.
But condominium sales remain sluggish, with the upper-end market particularly slow.
Resales of condominiums totaled 150 in July, down 17% from 180 a year ago, though up 6% from June, when 141 condos were sold.
Meanwhile, the average price of a condominium sold last month in the Valley fell 9%, to $138,800 from $152,700 the previous year.
The median price also sank 9%, to $130,000 from $143,500 a year ago.
In total, 978 houses and condominiums in the Valley closed escrow last month.
That contrasted with 850 in July, 1992, and 941 in June.
The board said the Valley’s inventory of houses and condominiums in July stood at 12,854 properties--down 14% from the record level of nearly 15,000 in July, 1992, and 2% less than 13,063 in June.
The Valley realty board, the largest in California, reports housing sales by its 7,000 members in the area from North Hollywood to Calabasas. Its figures do not include sales of most new residences.
July Valley House Sales
North West
Avg. Price: $234,000
Sales: 53
*
North Central
Avg. Price: $236,700
Sales: 134
*
North East
Avg. Price: $157,000
Sales: 106
*
South West
Avg. Price: $287,100
Sales: 251
*
South Central
Avg. Price: $264,000
Sales: 115
*
South East
Avg. Price: $239,800
Sales: 169
