Construction activity across the city of Santa Clarita for the latest reporting period was off the pace set a year ago, and more homes have been selling lately but at lower prices, according to a report published Monday by the SCV Economic Development Corp.
The report said no new commercial building permits were issued in July 2011, compared to one new permit in July 2010 for a 31,000-square-foot building.
Three building permits for tenant improvements were issued in July, down 73 percent from 11 permits a year earlier. However, 32 permits for commercial alterations were issued in July, up 10 percent from July 2010, indicating more businesses may be opting to expand in place rather than build new buildings.
Vacancy rates for the whole Santa Clarita Valley during the second quarter of 2011 held fairly steady at 19.3 percent for office space, 7.4 percent for retail and 6 percent for industrial.
On the residential real-estate front, the median price of a single-family home in the SCV fell to $370,000 in July 2011 from $420,000 a year earlier. July prices were even with June.
But volume increased by 6 percent year-over-year as 187 single-family homes sold in July 2011.
Similarly, condominium sales prices were off 11 percent from the year-ago mark, but 7 percent more were sold.
Within the city of Santa Clarita only, average home prices for July 2011 were $416,000, down 10 percent on the year. The 142 sales represented a 10 percent increase.
In the city, condominium prices fell 6 percent on the year but sales volume increased by 8 percent.