SAN FERNANDO VALLEY HOUSING REPORT FOR NOVEMBER 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 fifteen month sequence of increases over the prior year. This month’s sales are up 21.4 percent over sales a year ago. New and existing home sales are down 17.3 percent from the October 2009 level of 1582. This one-month drop is seasonal. Home sales remain strong in the north and central parts of the Valley.
November 2009 October 2009 November 2008
SFV Home Sales 1309 1582 1078
12 month Change 21.4%
The Valley’s median price of a single-family, detached home continues to remain stable. For the past seven months, median home prices in each of the seven broad Valley areas that we track show little evidence of any significant price movement. November 2009’s median price of $355,500 is down 13.3 percent from the November 2008 price of $410,000. November 2009’s median price of $355,500 is down 7.7 percent from the October 2009 median price of $385,000. This one-month drop in median price is the result of relatively greater sales in the central and northeast Valley and slower sales in the south foothills and the Burbank/Glendale area.
November 2009 October 2009 November 2008
SFV Median Price $355,500 $385,000 $410,000
12 month Change -13.3%
Notices of Default (NODs) in November 2009, at 1,177, are up 59.3 percent over November 2008. This significant increase over levels one year ago continues to reflect a procedural change in NODs in October 2008. The procedural change delayed NODs. November 2009’s NODs of 1177 is down 21.2 percent from those in October 2009. While the monthly decline in NODs might just be seasonal, it could also signal movement to an end in our housing problems. The next quarter should yield better evidence.
November 2009 October 2009 November 2008
SFV NODs 1,177 1494 739
12 month Change 59.3%
November foreclosures, at 515, are up 16.3 percent from the November 2008 level. There has been a downward trend in foreclosures from the Valley’s peak of 919 in June 2009. This downward trend is consistent with the trend that followed the housing slump that ended in 1997. The largest foreclosure areas continue to be Pacoima and the central Valley.
November 2009 October 2009 November 2008
SFV Foreclosures 515 561 443
12 month Change 16.3%
LA County Foreclosures 2,763 2,784 2,136
12 month change 29.4%