SAN FERNANDO VALLEY HOUSING REPORT FOR AUGUST 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 year-long sequence of increases over the prior year. Sales, at 1462, in August 2009 are up 23.2 percent over August 2008. New and existing home sales are down slightly (9.3 percent) from the high of 1612 reached in July 2009. The last time we saw sales at the level reach in June, July and August 2009 was in May 2007 at 1607. The slight drop in August from July appears to be seasonal. Home sales continue to be robust.
August 2009 July 2009 August 2008
SFV Home Sales 1462 1612 1187
12 month Change 23.2%
The Valley’s median price of a single-family, detached home has stabilized. Median home prices in each of the seven broad Valley areas that we track show little or no price movement. August 2009’s median price of $375,000 is virtually the same as the July 2009 price of $379,000. Median prices remain down over the prior year. August 2009’s median price of $379,000 is down 10.9 percent from the August 2008 median price of $421,000 and is down 43.1 percent from the high of $660,000 reached in May 2007.
August 2009 July 2009 August 2008
SFV Median Price $375,000 $379,000 $421,000
12 month Change -10.9%
Notices of Default (NODs) in August 2009, at 1535, are up slightly (1.1 percent) from August 2008’s 1518. NODs, while down from last month, remain highest in Pacoima. NODs are down 21.1 percent from July 2009’s 1947. While they have just fallen, the continued high level of NODs shows that the housing market difficulties are not over.
August 2009 July 2009 August 2008
SFV NODs 1535 1947 1518
12 month Change 1.1%
August foreclosures, at 564, are DOWN 38.8% from last August’s 922. Continuing high unemployment, evidence of a slow recovery, along with state and local government financial problems imply a continuing foreclosure problem. The largest foreclosure areas continue to be Olive Hills and Pacoima. These two areas, out or our dataset’s 55 zip code areas, continue to account for 18.4 percent of foreclosures.
August 2009 July 2009 August 2008
SFV Foreclosures 564 617 922
12 month Change -38.8%
LA County Foreclosures 2,557 2,973 4,148
12 month change -38.4%