SAN FERNANDO VALLEY HOUSING REPORT FOR APRIL 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 an eight month sequence of substantial increases over prior year sales. Sales in April 2009 were up 39.4% over April 2008. New and existing home sales were up 6.1% in April as compared with March 2009. While sales remain mostly in the central and northern valley, we are starting to see increased activity in the Burbank, Glendale, south foothills, and the southeast valley.
April 2009 March 2009 April 2008
SFV Home Sales 1,338 1,261 960
12 month change +39.4%
The Valley’s median price of a single-family, detached home appears to have stabilized. April’s $360,000 median price is up 3.6% over the prior month and is 28.7% below that of April 2008. Prices appear stable in the central and northern valley. The median price increase is likely the result of the modest sales increases in higher priced valley areas.
April 2009 March 2009 April 2008
SFV Median Price $360,000 $347,000 $505,000
12 month change -28.7%
Notices of Default (NODs) in April 2009 are down 15.7% over the past month. NODs continue to be up over the prior year with April 2009 NODs up 37.2% over April 2008. NODs are highest in the central portion of the Valley. The high level of NODs continues to reflect uncertainty in the housing market.
April 2009 March 2009 April 2008
SFV NODs 2,140 2,539 1,560
12 month change +37.2%
April foreclosures, at 359 are DOWN 41.0% from last April’s 608. This is the second sequential month in which foreclosures are down over the prior year. Foreclosures remain significantly down from the 850 per month foreclosure average we observed in June through September and, aside from what seems to be a seasonal bump, have been falling from the high of 922 seen August 2008. Foreclosures continue to remain higher in the central valley. While the housing market remains down, it is no longer driving down overall economic activity.
April 2009 March 2009 April 2008
SFV Foreclosures 359 380 608
12 month change -41.0%
LA County Foreclosures 1,709 1,730 2,755
12 month change -38.0%