Despite an anticipated seasonal slowdown, the San Fernando Valley home-buying market saw more activity than expected in October, with 523 single-family homes sold, an increase of nearly 6 percent over a year ago, according to a Southland Regional Association of Realtors report released Wednesday.
Condo sales were also up in October, with 209 units changing hands – an increase of more than 37 percent over the previous October, the report said.
“Improvement in the jobs market has yielded added interest in home buying,” said the association’s president, Gaye Rainey, in a prepared statement. Yet with tight inventory across the Valley, resale prices remain high, making it difficult for potential buyers to qualify for home loans despite low interest rates, she said.
The October single-family median home price of $562,000 was nearly 8 percent higher than a year ago in October and up more than 1 percent from this September. Since hitting the benchmark of $600,000 in July for the first time since 2007, the median price has been hovering lower, partly due to buyer resistance, according to Rainey.
The condominium median resale price of $369,000 was up more than 16 percent over a year ago and more than 6 percent ahead of the September median. In August, the median condo price hit $370,000, which was the highest figure in the past eight years.
