Department Name

SAN FERNANDO VALLEY HOUSING REPORT FOR JANUARY 2012
San Fernando Valley Economic Research Center
CALIFORNIA STATE UNIVERSITY, NORTHRIDGE
William W. Roberts, Ph. D., Director 818-677-4582

January is generally a slow month for home sales.  This January is no exception. January 2012 Valley home sales were UP 2.2 percent from a year ago.  While we are seeing small, positive signs in increased retail sales and declines in unemployment, it will take more time for the recovery to impact our housing market.  The sales changes are not uniform.  For example, the Burbank/Glendale area showed an almost 20 percent increase over sales one year ago.  We expect sluggish home sales well into 2012.

                                                    January 2012                       December 2011                       January 2011       
SFV Home Sales                                  1111                                    1373                                     1087
12 month Change                                  2.2%

The Valley’s January 2012 median price of a single-family, detached home was $350,000.  This is DOWN 5.4 percent from the median price of $370,000 in January 2011.  Valley median home prices peaked at $660,000 in May 2007.  Since then, the lowest median price level we observed was $347,500 in March 2009.  Following the low in March 2009, median home prices inched up to a high of $405,000 in January 2010.  Since then we have observed a gradual decline.  The net result is that we have virtually no change in median home prices since mid-2009.  Adjusting for inflation, the median price a single-family, detached home has dropped 50 percent since the peak in May 2007.

                                                    January 2012                       December 2011                       January 2011         
SFV Median Price                             $350,000                               $355,000                               $370,000
12 month Change                                - 5.4%

Notices of Default (NODs) in January 2012, at 781, are DOWN 21.8 percent from the January 2011 level of 999.  NODs peaked in March 2009 at 2539.  The declining level of NODs is good evidence of a continuing, slow economic recovery.

                                                    January 2012                       December 2011                       January 2011       
SFV NODs                                           781                                       648                                       999
12 month Change                                - 21.8%

January 2012 saw 319 foreclosures. This is DOWN 24.8 percent from the January 2011 level of 424.  Foreclosures hit 922 in August 2008 and 919 in June 2009.   Foreclosures continue the gradual decline that started over two years ago.  Foreclosures remain highest in Olive View and Pacoima.

                                                    January 2012                       December 2011                       January 2011
SFV Foreclosures                                319                                        382                                      424
12 month Change                               -24.8%

LA County Foreclosures                      1,557                                     1,878                                   2,204        
12 month change                               -29.4%