Single-family homes that closed escrow during April in the San Fernando Valley surpassed the total reported a year ago while the inventory of properties listed for sale surged higher, the Southland Regional Association of Realtors reported today.
Realtors helped close escrow on 618 single-family homes, an increase of 14.9% over April 2024. The increase in sales came on the heels of three consecutive months posting totals lower than 2024. The Association also reported 161 condominium sales, down 5.8% from 12 months ago.
“Despite the double shock of January’s devastating local wildfires and more recent widespread uncertainty regarding the direction of the national economy, single-family home sales during April surpassed year ago totals while active listings of properties also continued to rise,” said Anthony Bedgood, President of the 10,000-member Southland Regional Association of Realtors. “Resale prices may still be rising, but the increases are in the low single-digits, and lower price hikes may be an indicator of what many people think about local housing opportunities.”
“Buyers have more housing options than at any time in recent memory with inventory up and sellers increasingly willing to offer concessions,” he said. “It would be helpful if interest rates were lower, but rates in the 6% range appear to be with us for well into the future.”
The median price of homes that changed owners last month came in at $1,083,000, which was down 1.5%. It was the first year-to-year decline after an infrequently broken chain of monthly increases dating to pre-Covid days of 2019. Similarly, April’s condo median of $630,000 was up 0.8% from a year ago with mainly positive numbers reported for more than a half decade.
“Given the challenges presented by the wildfires and tariffs, buyers and sellers need Reealtors’ expertise more than ever,” said Valerie Biletsky, SRAR’s Chief Executive Officer. “With all the uncertainty, it’s unsurprising that pending sales are down, while the increase in listings suggests there is more opportunity for anyone hoping to buy a home.”
The combined 438 pending home and condo sales- a measure of future closed escrows – were down 40% from a year ago. Active listings of single-family homes increased during April to 2,053, an increase of 53.6% over a year ago. There are more homes listed for sale than at any time since before the pandemic in 2019. The 573 condominiums on the market represented a 58.8% jump from April 2024, a total just short of 2019 levels.
