San Fernando Valley year-over-year home sales continue a twenty one month sequence of increases over the prior year.  This month’s units sold were up 2.5 percent over a year ago.  This is the smallest increase over the prior year we have seen in this twenty one month sequence and it may portend a leveling of housing market activity. New and existing home sales for May 2010 were 1,603.  

                                                June 2010                       May 2010                      June 2009      
SFV Home Sales                          1603                               1571                              1564
12 month Change                          2.5%

The Valley’s June 2010 median price of a single-family, detached home was $390,000.  This is UP 1.8 percent since last June’s median price of $383,000.  Median home prices continue a slow, with some minor fluctuations, increase that started in March 2009. Median price changes throughout the Valley are mixed with no clear pattern.  Median prices were down about 3 percent in Burbank, Glendale, the South Foothills, and the Southeast Valley.  Median prices were up about 12 percent in the West Foothills and the Northeast Valley.

                                                June 2010                       May 2010                      June 2009   
SFV Median Price                     $390,000                         $395,000                        $383,000
12 month Change                          1.8%

Notices of Default (NODs) in June 2010, at 908, are DOWN 51.8 percent from June 2009.  This is the seventh 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, March 2009, at 2539.  Since then, with some fluctuations, there has been a general downward trend in NODs.  NODs are highest in Olive View. 

                                                June 2010                       May 2010                      June 2009      
SFV NODs                                      908                                 897                               1883       
12 month Change                       - 51.8%

June 2010 foreclosures were at 483.  This is DOWN 47.4 percent from our housing recession high of 919 one year ago.  Valley foreclosures are unchanged since last month and have been around 500 per month since August 2009.  If we follow the trend of the housing market decline of the 1990s, we should see the number of foreclosures gradually decline over the next three quarters. The largest foreclosure areas were Olive View and Panorama City. 

                                                June 2010                       May 2010                      June 2009      
SFV Foreclosures                          483                                 485                                919
12 month Change                       - 47.4%
LA County Foreclosures                  2,308                              2,355                             3,379           
12 month change                         - 31.7%