SAN FERNANDO VALLEY HOUSING REPORT FOR FEBRUARY 2009
San Fernando Valley Economic Research Center
CALIFORNIA STATE UNIVERSITY, NORTHRIDGE
Dr. William W. Roberts, Director 818-677-7021
San Fernando Valley year-over-year home sales continue a six month sequence of substantial increases over prior year sales. Sales in February 2009 were up 32.6% over February 2008. New and existing home sales were down 8.4% in February as compared with January 2009. This is a normal seasonal pattern. While this six month sequence of increased sales over prior year is heartening, sales remain below the low sales levels last seen immediately following the 1994 Northridge Earthquake.
February 2009 January 2009 February 2008
SFV Home Sales 902 982 680
12 month change +32.6%
The Valley’s median price of a single-family, detached home appears to have stabilized. February’s $350,000 median price is only slightly below January’s median price of $352,000 and is 32.7% below that of February 2008. Currently the housing market is dominated by lower priced and foreclosed housing. We are seeing little price movement or sales volume in the over $500,000 priced housing market. Recently announced Federal support for mortgaged backed securities may help loosen housing credit and stimulate the higher priced segment.
February 2009 January 2009 February 2008
SFV Median Price $350,000 $352,000 $520,000
12 month change -32.7%
Notices of Default (NODs) in February 2009 continue to follow the surge started in December 2008. February 2009 NODs are up 50.9% over February 2008 and 25.7% over January 2009. NODs are highest in the central portion of the Valley. This surprising rise in NODs reflects the continuing uncertainty in the housing market and uncertainty in governmental response.
February 2009 January 2009 February 2008
SFV NODs 2,066 1644 1369
12 month change +50.9%
February foreclosures, at 578, are up 5.1% from last February’s 550. Foreclosures remain down from the 850 per month foreclosure average we observed in June through September. Foreclosures are continuing, but the number looks stable. As government action in the housing market starts to stabilize, we are looking for positive movement in this market.
February 2009 January 2009 February 2008
SFV Foreclosures 578 568 550
12 month change +5.1%
LA County Foreclosures 2,653 2,518 2,352
12 month change +12.8%