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While our latest recession officially ended June 2009, Valley housing sales continue to remain sluggish.  San Fernando Valley year-over-year home sales are down from year ago levels, two months in a row.  This month’s units sold were down 15.8 percent over a year ago.  Traditionally, August sales are at or above July sales levels.  August 2010 sales are still above the 1187 sales level of August 2008.  Overall Valley home sales are down 11.2 percent from the July 2010 level of 1402.  The largest sales decline was 42 percent from a year ago in the West Foothills. Only the Northwest Valley showed an increase in sales over a year ago (4 percent).

                                                August 2010                            July 2010                            August 2009   
SFV Home Sales                            1245                                     1402                                      1478
12 month Change                          -15.8%

The Valley’s August 2010 median price of a single-family, detached home was $400,000.  This is UP 6.7 percent since last Augusts’ median price of $375,000.  Median home prices continue a slow, with some minor fluctuations, increase that started in March 2009. Since December 2010 Valley median prices have shown increases over prior year median prices ranging from 1.8 percent to 15.1 percent.  Despite the decline in sales, housing prices are remaining stable.  Median home prices show virtually no change in each of the seven Valley areas we track.

                                                August 2010                            July 2010                            August 2009
SFV Median Price                     $400,000                                 $405,000                                $375,000
12 month Change                          6.7%

Notices of Default (NODs) in August 2010, at 1214, are DOWN 21.0 percent from August 2009.  This is the ninth sequential month of declines from the prior year’s numbers, these declines range from 21 to 52 percent.  NODs peaked in March 2009 at 2539.  Since then, with some fluctuations, there has been a general downward trend in NODs.  As with foreclosures, NODs are highest in Olive View and Pacoima.
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                                                August 2010                            July 2010                            August 2009   
SFV NODs                                      1214                                      985                                        1537       
12 month Change                         - 21.0%

August 2010 foreclosures were at 415.  This is DOWN 26.8 percent from the August 2009 level of 567.  Foreclosures peaked at 919 in June 2009.  Valley foreclosures are basically unchanged over the last month and have steadily meandered down over the past year.  We expect foreclosures to continue this slow decline over the next nine months. The largest foreclosure areas were Olive View and Pacoima. 

                                                August 2010                            July 2010                            August 2009
SFV Foreclosures                            415                                       409                                        567
12 month Change                           -26.8%
LA County Foreclosures                    2,288                                    2,059                                     2.564           
12 month change                             -10.8%