Home Prices Drop To Nine-Month Low
By Leon Worden/SCVNEWS.com
The Santa Clarita Valley’s single-family home prices tumbled in September to their lowest mark in nine months, and condominium prices hit a trough not seen since September 2002, according to figures from the Southland Regional Association of Realtors.
Far fewer previously owned single-family homes changed hand in September (164) than in August (222), which was the busiest month of the year for local Realtors. Year over year, September closings were only slightly off the pace of the 167 recorded in September 2010.
Don't miss a thing. Get breaking news alerts delivered right to your inbox
Condominium sales fell to 66 in September from 94 in August and 71 a year earlier.
The median price of single-family homes sold in September bottomed out at $360,000 from $372,500 in August and $410,000 in September 2010, a loss of roughly 12 percent on the year.
Prices were slightly lower in January ($346,000) than in September. The best month for SCV home value was April 2006 when the median price hit $643,000. That’s a loss of 44 percent in five years.
Median condominium prices fell to a nine-year low in September. The median price of condos closing escrow was $195,000, versus $200,000 in August and $219,000 a year earlier.