Embargoed until Friday, October 23, 2009
SAN FERNANDO VALLEY HOUSING REPORT FOR SEPTEMBER 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 thirteen month sequence of increases over the prior year. Sales, at 1440, in September 2009 are up 13.8 percent over September 2008. New and existing home sales are down slightly (only 2.6 percent) from the August 2009 level of 1478. The slight drop in September from August appears to be seasonal. Home sales continue to be robust.
September 2009 August 2009 September 2008
SFV Home Sales 1440 1478 1265
12 month Change 13.8%
The Valley’s median price of a single-family, detached home has stabilized. For the fourth consecutive month median home prices in each of the seven broad Valley areas that we track show little evidence of any significant price movement. September 2009’s median price of $390,000 is up slightly (4.0%) from the August 2009 price of $375,000. This small rise appears to be the result of a slight shift in sales towards the higher priced Valley areas. September 2009’s median price of $390,000 is down only 2.5 percent from the September 2008 median price of $400,000. This is the smallest year-over-year decline in median price we have seen since October 2007.
September 2009 August 2009 September 2008
SFV Median Price $390,000 $375,000 $400,000
12 month Change -2.5%
Notices of Default (NODs) in September 2009, at 1609, are up a substantial 207.1 percent over September 2008. One year ago the procedures changed, putting a delay on NODs. This resulted in a significant decline between August and September 2008. September 2009’s NODs of 1609 is only 4.7 percent above those in August 2009. While the number is up from that a year ago, there appears to be no significant movement in NODs.
September 2009 August 2009 September 2008
SFV NODs 1609 1537 524
12 month Change 207.1%
September foreclosures, at 586, are DOWN 28.8% from last September’s 823. Continuing high unemployment, evidence of a slow recovery, along with state and local government financial problems implies a continuing foreclosure problem. The largest foreclosure areas continue to be Olive Hills, Pacoima and Reseda.
September 2009 August 2009 September 2008
SFV Foreclosures 586 567 823
12 month Change -28.8%
LA County Foreclosures 2,389 2,564 3,645
12 month change -34.5%