Department Name

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

As we move closer to the summer months, single-family home sales generally start to rise.  We are seeing this upward movement this year.  We saw slowing going into summer last year.  April 2012 single-family home sales were at 1398.  This is UP 9.8 percent from sales one year ago.  The past two months, with sales of 1420 in March and 1398 in April, are amongst the most robust numbers we have observed since mid-2010.  March/April sales are the second best we have observed in the past five years.  Fueled by stimulus money, March/April sales in 2010 were slightly higher.  (March 2010 was at 1468 units and April 2010 was at 1489.)  Sales changes are not uniform throughout the Valley.  Sales were down 21.2 percent in the Southeast Valley and up 33.3 percent in the West Foothills from the April 2011 levels.

                                                   April 2012                            March 2012                            April 2011       
SFV Home Sales                              1398                                     1420                                    1273
12 month Change                              9.8%

The Valley’s April 2012 median price of a single-family, detached home was $380,000.  This is DOWN 3.8 percent from the median price of $395,000 in April 2011.  In the seven areas we monitor there is no evident pattern in housing price changes.  Prices in some higher priced areas are up slightly and are down slightly in other areas.  Housing prices appear to have stabilized.

                                                   April 2012                            March 2012                            April 2011         
SFV Median Price                        $380,000                                $380,000                              $395,000
12 month Change                           - 3.8%

Notices of Default (NODs) in April 2012, at 687, are DOWN 23.3 percent from the April 2011 level of 896.  NODs peaked in March 2009 at 2539.  The declining level of NODs is good evidence of a continuing, slow economic recovery. 

                                                   April 2012                            March 2012                            April 2011       
SFV NODs                                       687                                       973                                       896
12 month Change                          - 23.3%

April 2012 saw 226 foreclosures. This is DOWN 45.4 percent from the April 2011 level of 414.  Foreclosures hit 922 in August 2008 and 919 in June 2009.   Foreclosures continue the gradual decline that started over two years ago.    Foreclosures rose to a high of 81 percent of sales in January and February 2008.  Foreclosures have now declined to 16.1 percent of home sales.  This is a level last seen in early 2007.  April 2012 foreclosures continue to be highest in Olive View and Reseda.

                                                   April 2012                            March 2012                            April 2011
SFV Foreclosures                             226                                       275                                      414
12 month Change                            -45.4%

LA County Foreclosures                   1,160                                    1443                                     2,018        
12 month change                            -42.5%