SAN FERNANDO VALLEY HOUSING REPORT FOR MAY 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 nine month sequence of increases over the prior year. Sales, at 1313, in May 2009 are up 25.3 percent over May 2008. New and existing home sales are down slightly (2.1 percent) from the recent high of 1341 in April 2009. Sales are up almost 20 percent in the Burbank/Glendale area and 35 percent in the West Foothills. The slowing of increased sales might be the result of concerns over state and local government finances.
May 2009 April 2009 May 2008
SFV Home Sales 1313 1341 1048
12 month Change 25.3%
The Valley’s median price of a single-family, detached home remains stable. May 2009’s median price of $369,000 is up 2.5 percent from the April 2009 price of $360,000. Median prices seem constant throughout the Valley. This slight increase in the median price is the result of increased sales in higher priced areas. Median prices remain down over the prior year. May 2009’s median price of $369,000 is down 23.9 percent from last May’s median price of $485,000 and is down 44.1 percent from the high of $660,000 reached in May 2007.
May 2009 April 2009 May 2008
SFV Median Price $369,000 $360,000 $485,000
12 month Change -23.9%
Notices of Default (NODs) in May 2009, at 1695, are DOWN 20.8 percent from April 2009’s 2140. This monthly decline is Valley wide. NODs continue to be up over the prior year. May 2009 NODs are up 13.9 percent over last May’s 1488 figure. This is the second sequential monthly decline since we reached a peak at 2539 in March 2009.
May 2009 April 2009 May 2008
SFV NODs 1695 2140 1488
12 month Change 13.9%
May foreclosures, at 475, are DOWN 29.4% from last May’s 673. This marks the third sequential month in which foreclosures are down over the prior year. With foreclosures up 32.3 percent from April’s 359, the housing market news remains mixed. The largest foreclosure increases were in Panorama City, Pacoima, and Van Nuys. These three areas, out or our dataset’s 55 zip code areas, accounted for 20 percent of the May foreclosures and 47 percent of the increase. Foreclosures are still down from the 850 average we observed in June through September 2008. This recent increase is likely a move to beat the California Foreclosure Prevention Act, or Assembly Bill X2 7, that starts in June 2009.
May 2009 April 2009 May 2008
SFV Foreclosures 475 359 673
12 month Change -29.4%
LA County Foreclosures 1,926 1,719 3,181
12 month change -39.5%