Home Sale Prices Continue Free Fall

The San Fernando Valley has been one of the weakest housing markets in the United States this decade, and the gloom continued in September, as the median sales price for a single-family home fell 8% last month to $145,000, compared with $158,000 a year ago.

That median price means that half of the homes sold for more than $145,000, and half of them cost less.

Meanwhile, the average resale price of a single-family house fell 10% in September to $208,300, down from $232,400 in September 1995, according to figures released Monday by the San Fernando Valley Assn. of Realtors.

These dropping prices, though, are prompting more homes to close escrow, as 859 single-family homes changed hands in September, up 18% from the 727 sold a year earlier.

“Most of the current resale activity is concentrated on homes priced under $200,000 . . . . Buyers emerge in droves whenever the cost of owning a home comes even close to the cost of renting,” said John Maquar, president of the realty group.

But the residential housing market remains dogged by an inventory of foreclosed homes, in part remnants left from the Northridge earthquake, or from people who lost their jobs and can no longer keep up their mortgage payments, or those who just decide to walk away from their homes, given the 40% drop in local home prices since the late 1980s.

The condominium market seems to have hit bottom, though, as prices held stable last month compared with a year ago, while the number of condos sold jumped 56%.

The median condominium sale price in September was $85,000, the same as a year ago, while the average condo sales price inched up 2% to $103,900 last month, compared to $101,700 last year.

Last month, 253 condos were sold, compared with 162 in September 1995.

The San Fernando Valley Assn. of Realtors is the one of the largest realty groups in the country, and it reports sales figures from North Hollywood to Calabasas. Its data, though, generally do not include new home sales.

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September Valley Home Sales

NORTHWEST

Avg. Price: $199,600

Sales: 200

*

SOUTHWEST

Avg. Price: $237,200

Sales: 194

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SOUTH CENTRAL

Avg. Price: $207,200

Sales: 173

*

NORTHEAST

Avg. Price: $126,000

Sales: 125

*

SOUTHEAST

Avg. Price: $236,900

Sales: 144