SAN FERNANDO VALLEY HOUSING REPORT FOR JUNE 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 ten month sequence of increases over the prior year. Sales, at 1491, in June 2009 are up 26.8 percent over June 2008. New and existing home sales are up (9.1 percent) from the recent high of 1367 in May 2009. Sales increases are highest (over last month) in the Northwest Valley, South Foothills, and the Burbank and Glendale areas.
June 2009 May 2009 June 2008
SFV Home Sales 1491 1367 1176
12 month Change 26.8%
The Valley’s median price of a single-family, detached home remains continues a four month upward creep. This upward movement results from increased sales in higher priced Valley areas. There is little evidence of any significant price movement in any of the seven broad Valley areas that we track. June 2009’s median price of $381,500 is up 3.4 percent from the May 2009 price of $369,000. Median prices seem constant throughout the Valley. Median prices remain down over the prior year. June 2009’s median price of $369,000 is down 18.8 percent from last June’s median price of $470,000 and is down 42.2 percent from the high of $660,000 reached in May 2007.
June 2009 May 2009 June 2008
SFV Median Price $381,500 $369,000 $470,000
12 month Change -18.8%
Notices of Default (NODs) in June 2009, at 1853, are UP 25.8 percent from June 2009’s 1473. NODs are up 9.3 percent over last month. This monthly increase is Valley wide, with no apparent pattern. While the June 2009 rise in NODs may be a seasonal increase, the continued high level of NODs implies that the housing market problems are not over.
June 2009 May 2009 June 2008
SFV NODs 1853 1695 1473
12 month Change 25.8%
June foreclosures, at 814, are UP 1.4% from last May’s 803. Given the time delay required to go into foreclosure, part of this increase is likely the result of the delayed NODs at the start of 2009. With unemployment continuing at high levels, we should expect to see continuing foreclosures. A significant subset (15 percent) of the June 2009 foreclosures comes from a connected set of condominiums. While sales are up, the rise in foreclosures gives us a mixed message from the housing market. Outside the condominium set, the largest foreclosure areas were Olive Hills, Panorama City, and Pacoima. These three areas, out or our dataset’s 55 zip code areas, accounted for 21.0 percent of the June foreclosures.
June 2009 May 2009 June 2008
SFV Foreclosures 814 475 803
12 month Change 1.4%
LA County Foreclosures 3,248 1,926 3,676
12 month change -11.6