Department Name

San Fernando Valley year-over-year home sales continue a twenty month sequence of increases over the prior year.  This month’s units sold was up 9.4 percent over a year ago.  New and existing home sales are at the April 2010 level of 1,489.  While nationally home sales slipped last month (previously owned homes sales were off 2.2% over the prior month), this is not the case for the Valley.  The national decline is attributed to the end of the federal tax credit.  Valley data implies that the tax credit had little impact on Valley sales.  In addition, the Valley continues to have a number of foreclosed homes that are being absorbed in monthly sales.

                                                May 2010                     April 2010                     May 2009       
SFV Home Sales                         1495                              1489                             1367
12 month Change                         9.4%

The Valley’s May 2010 median price of a single-family, detached home is $395,000.  This is UP 6.8 percent since last May’s median price of $370,000.  Median home prices continue a slow, with some minor fluctuations, increase that started in March 2009. Median price changes throughout the Valley are mixed.  Median prices are up 6 to 9 percent in most Valley areas and are down almost 5 percent in the Northwest Valley. 

                                                May 2010                     April 2010                     May 2009    
SFV Median Price                    $395,000                       $360,000                       $370,000
12 month Change                          6.8%

Notices of Default (NODs) in May 2010, at 897, are DOWN 47.1 percent from May 2009.  This is the sixth sequential month of declines from the prior year’s numbers, all in the range of 38 to 53 percent decline.  NODs peaked over a year ago, April 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. 
                                                May 2010                     April 2010                     May 2009       
SFV NODs                                      897                             1011                             1695       
12 month Change                       - 47.1%

May 2010 foreclosures, at 486, are UP only 2.3 percent from the May 2009 level.  Valley foreclosures appear to have stabilized at around 500 per month.  Valley foreclosures have been at about this level since August 2009, indicating a level that financial institutions feel can easily be absorbed by the market. Valley foreclosures have declined dramatically from our peak of 919 in June 2009.   The largest foreclosure areas continue to be Pacoima, Olive View, and Panorama City. 
                                                May 2010                     April 2010                     May 2009       
SFV Foreclosures                          486                              568                               475
12 month Change                          2.3%
LA County Foreclosures                 2,356                            2,637                            1,926                        
12 month change                           22.3%