Department Name

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

June 2012 single-family home sales were at 1486.  This is UP 5.0 percent from sales one year ago.  The figures for June follow a very good month in May 22012 when sales rose over 30 percent from the 2011 level.  Sales generally rise from May into June.  Looking back over the period from 1995, sales, on average, rose 5.5 percent between the months of May and June.  The 7.7 percent decline between this May and June is likely the result of an exceptionally large increase in May 2012 sales.  Sales changes vary widely across Valley areas, ranging from a year-over-year 31 percent increase in the Central Valley, a 27 percent increase in the West Foothills, to sales declines in Southeast and Northeast Valley areas.  
                                                       June 2012                               May 2012                               June 2011       
SFV Home Sales                                 1,486                                      1,610                                     1,415
12 month Change                                 5.0%

The Valley’s June 2012 median price of a single-family, detached home was $390,000.  This is the same median price we observed in June 2011, no change.  The West Foothills shows some interesting development.  Sales rose substantially in the West Foothills and median prices rose from prior year levels by 8.4 percent.  This price increase is not mirrored in the other higher priced areas of Burbank & Glendale or the South Foothills. The other higher priced areas showed slight median price declines from the prior year’s level.

                                                       June 2012                               May 2012                               June 2011         
SFV Median Price                              $390,000                                $370,000                                $390,000
12 month Change                         0.0%  No Change

Notices of Default (NODs) in June 2012, at 867, are UP 5.6 percent from the June 2011 level of 821.  NODs peaked in March 2009 at 2539.  NODs are back to the levels we observed in early 2007, prior to the drop in the housing market. NODs continue at this low level which is good evidence of an ongoing, slow economic recovery. 

                                                       June 2012                               May 2012                               June 2011       
SFV NODs                                           867                                        731                                        821
12 month Change                                 5.6%                        

June 2012 saw 238 foreclosures. This is DOWN 55.1 percent from the June 2011 level of 530.  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 percent of home sales.  June 2012 foreclosures continue to be highest in Olive View.  However, even in the Olive View area foreclosures are down over 60 percent from the level in June 2011.

                                                       June 2012                               May 2012                               June 2011
SFV Foreclosures                                238                                         243                                         530
12 month Change                               -55.1%

LA County Foreclosures                      1,175                                      1,209                                      2,507        
12 month change                               -53.1%