Valley home sales climb as prices fall

Sales of existing single-family houses climbed 82% in the San Fernando Valley in September as median prices fell by 37% from year-earlier levels, the Southland Regional Assn. of Realtors reported last week.

Median prices paid for single-family homes fell to $392,500, down from $425,000 in August and $623,700 a year earlier. Median prices in the Valley have now rolled back to July 2003 levels.

Realtors in the area believe the jump in sales is the beginning of a recovery for housing. “Recovery of the local housing market is underway,” said Mary Funk, president of the Realtors group. “Every time a foreclosed home finds a new owner or a buyer expresses confidence by buying a home from a traditional seller, we move a step closer to resolving the housing crisis and returning to some level of normalcy.”