After soaring to record or near-record highs for many months, the seemingly nonstop upward march of residential resale prices and an expanding inventory in the San Fernando Valley moderated during October, the Southland Regional Association of Realtors reported.
The association reported that the median price of single-family homes that changed owners during October came in at $1,090,000. That was up 3.8% from a year ago yet below the record high $1.15 million reported in September and June. The home median price has been above the $1. million mark for the last 23 months with many of those months pushing over $1.1 million.
The condominium record median price — meaning half the sales were lower and half higher — came in July 2024 at $660,000. It has fluctuated below that market ever since with October closed escrows producing a median of $623,000.
“Who could have foreseen that resale price would hit such levels, let alone have the Valley home median price settle above $1 million and higher,” said Anthony Bedgood, President of the 10,000-member Southland Regional Association of Realtors. “Rising prices are a direct result of the Greater Metropolitan region’s lack of affordable housing and a reflection of pent-up buyer demand. Existing owners listed enough properties this year to give buyers more options, a little more bargaining power.”
The number of condominiums listed for sale throughout the Valley for the last four months was the highest in five years, surpassing pre-pandemic tallies. There were 868 condos active listings available at the end of October, up 43.% from a year ago, yet down from the peak of 921 listings reported in September.
“This is the time of year when activity starts to wane,” said Valerie Biletsky, the Association’s Chief Executive Officer. “Examine a chart of historical activity and you’ll see new and active listings and closed escrows peak in mid- to late-summer then drop in the fourth quarter of the year. This year it feels like the turmoil on the national scene along with economic uncertainties have accelerated the typical, seasonal trend.”
Single-family home listings peaked in June at 2,331 and fell to 1,877 in October, which was down 6.8% from the prior year. 2025 is on track to be the best year for home active listings since 2019, SRAR statistics indicated.
Local Realtors assisted the close of escrow last month of 518 single-family homes, an increase of 5% from a year ago. The association also reported 187 condominium closed escrows during October. That was up 34.5% from the prior year.
Home and condominium pending sales – a measure of future closed escrows – reported at the end of October fell 35% compared to a year ago.
SRAR’s Income-to-Loan guide for October determined that an income of $161,294 was needed to qualify for an 80% loan of $500,000 on a San Fernando Valley median-priced condominium of $625,000. With the national average interest rate at 6.57 in October – the lowest since December’s 6.31% and well below the 7.79% of October 2023 – the income needed to qualify increased 3.2% compared to a year ago. The monthly PITI — principal, interest, taxes and insurance payments — totaled $4,032.
Chartered by the National Association of Realtors in 1920, the Southland Regional Association of Realtors is the voice for real estate in San Fernando and Santa Clarita Valleys. With 10,000 members, SRAR serves as a trusted resource and partner to the real estate profession and the community at large.
