The median price of single-family homes and condominiums that closed escrow during July in the San Fernando Valley set record highs, the Southland Regional Association of Realtors® has reported.
The median price – meaning half the homes that changed owners had a higher price and half a lower price – came in at $1,140,000, up 10.7% over a year ago. It beat the prior record of $1.1 million first set in June 2022 and repeated this April and May.
The median price of condominiums sold in July was a record, $660,000 up 8.2% from a year ago. The prior record of $650,000 came in May.
“Home and condo prices in the San Fernando Valley continue to march higher even as the inventory grows slightly and interest rates on home loans still restrict the pool of potential buyers,” said Bob Khalsa, President of the nearly 11,000-member Southland Regional Association of Realtors®. “Yet closed escrows reflect the depth of demand for local housing while the prospect of lower interest rates may boost sales.”
Local Realtors® helped close escrow on 587 single-family homes, up 20.5% from July 2023 and above the 530 closed escrows reported in June. Condominiums closed escrows totaled 154 transactions, up 21.3% from a year ago.
The 1,619 active listings of single-family homes reported at the end of July were up 23.2% over a year ago, the largest inventory since November 2022.
There also were 463 active condominium listings reported at the end of July. That total was 46.5% ahead of July 2023 and the highest tally since October 2022.
“We’re optimistic that recent declines in interest rates will give homebuyers more purchasing power,” said Valerie Biletsky, the Association’s Chief Executive Officer. “With interest rates trending downward since early July and the expectation of future reductions, the second half of 2024 could see a boost in home sales.”
Pending escrows — an indicator of future sales — were down 15% for homes and fell 34% for condominiums.
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 nearly 11,000 members, SRAR serves as a trusted resource and partner to the real estate profession and the community at large. Realtors® are dedicated to the highest standards of ethics and professionalism and committed to championing real property rights and pathways to homeownership for all. SRAR statistics are compiled from all available data share partner information accessible through CRMLS and may not represent complete activity for the San Fernando and Santa Clarita Valleys.
