1998 Is a Decade High for Valley Home Sales

The residential resale market in the San Fernando Valley reached a decade high in 1998, when more than 16,555 existing single-family homes and condos sold, according to a real estate trade group. The nearly 12% increase over the previous year’s sales represented the best total since 1989.

The annual average resale price for a single-family home in the Valley rose 16.3% in 1998 to $262,700, according to the Southland Regional Assn. of Realtors. The average resale price for condominiums jumped 24.8% over the previous year to $127,467.

New-home sales in the Santa Clarita and San Fernando valleys grew 14.9% year to year, with the demand being particularly strong for new housing in the Santa Clarita Valley, according to Bob Bray of the Meyers Group, consultant to new-home builders.