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San Fernando Valley year-over-year home sales continue a nineteen month sequence of increases over the prior year.  This month’s units sold was up 10.4 percent over a year ago.  New and existing home sales are up 24.3 percent from the February 2010 level of 1120.  The increase from February to March was expected as the housing market starts to warm up for the coming summer months.  Taking into consideration the seasonal nature of the Valley’s housing market, there is a gradual increase in home sales as sellers cautiously are reentering the market.

                                                March 2010                  February 2010                  March 2009   
SFV Home Sales                            1392                             1120                                 1261
12 month Change                           10.4%

The Valley’s March 2010 median price of a single-family, detached home is $400,000.  This is UP 15.1 percent since last March’s median price of $347,500.  The March 2009 median price of $347,500 was the lowest price we have seen since February 2003.  Median price changes throughout the Valley are mixed.  They range from a yearly increase of 15.5 percent in the South Foothills to a slight decline in the West Foothills.  Since last March, there seems to be a slight upward trend (with many fluctuations) throughout the Valley.

                                                March 2010                  February 2010                  March 2009      
SFV Median Price                     $400,000                          $375,000                         $347,500
12 month Change                          15.1%

Notices of Default (NODs) in March 2010, at 1295, are DOWN 49.0 percent from March 2009.  This is the fourth sequential month of declines from the prior year’s numbers.  NODs peaked a year ago, March 2009, at 2539.  Since then, with some fluctuations, there has been a general downward trend in NODs.  As has been the case with foreclosures, NODs are highest in Pacoima and Olive View.  As with other measures of the housing market, NODs seem to have settled to a stable level.

                                                March 2010                  February 2010                  March 2009   
SFV NODs                                      1295                               1237                              2539       
12 month Change                        - 49.0%

March 2010 foreclosures, at 507, are UP 33.4 percent from the March 2009 level.  Valley foreclosures appear to have stabilized at around 500 per month.  The rise over the prior year should not be a big concern.  One year ago, it appears that financial institutions delayed foreclosures pending the outcome of policy discussions in Sacramento around the California Foreclosure Prevention Act.  Valley foreclosures have declined dramatically from our peak of 919 in June 2009.    The largest foreclosure areas continue to be Pacoima and Olive View.  Overall, the housing market seems to have settled into an activity level that can be sustained.

                                                March 2010                  February 2010                  March 2009   
SFV Foreclosures                            507                             450                                    380
12 month Change                           33.4%
LA County Foreclosures                   2,477                           2,075                                 1,730                        
12 month change                             43.2%