The San Fernando Valley’s housing market started the year in solid fashion during January with sales of homes and condominiums making double digit gains and prices hitting milestone marks, a trade association said Thursday.
Last month sales of previously owned houses increased 12 percent from a year earlier to 377 properties, according to Van Nuys-based Southland Regional Association of Realtors.
It was the highest January total since 2013, the association noted. But sales were down 24 percent from December.
The median home price rose 6 percent from the prior year to $605,000 in January and increased 5 percent from December.
It’s the eighth time in the last 13 months that the median price has been $600,000 or higher.
In the smaller condominium sector, sales increased 15 percent from a year ago to 138 units but fell 25 percent from December.
The large month-to-month sales declines are typical for this time of year, the association said.
The median condominium price rose 10 percent from a year earlier to $400,000 and increased 5 percent from December.
The last time the condominium price hit $400,000 was in February of 2007.
The market is coming off a down year in which home sales fell to their second lowest level since record keeping began in 1988.
So January brought a flicker of hope.
“We’re off to a good start and it’s hard to understand why. It might be from pent up demand,” said Tim Johnson, the association’s CEO.
The sales increases came amid continued low inventory.
At the end of January there were 1,139 properties listed for sale, 10 percent fewer than a year ago. That’s a 2.2 month supply at the current sales pace, the association said.
“I don’t see any change in that in the future at all,” Johnson said of the inventory shortage.
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