[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Cloudy
Cloudy
51°F
 
Calendar
Today in
S.C.V. History
February 15
1939 - Los Angeles premiere of John Ford's "Stagecoach"; approx. 7 seconds shot in SCV [Watch Clip]
Stagecoach


An already extremely tight inventory bumped into rising interest rates to further complicate home sales during May in the Santa Clarita Valley, which saw drops in home and condominium closed escrows compared to a year ago, the Southland Regional Association of Realtors reported Thursday.

A total of 226 single-family homes changed owners last month. That was down 8.1 percent from a year ago but following seasonal patterns up 18.3 percent from this April. Sales through the first five months of 2018 were down 2.0 percent from the same period a year ago.

Similarly, 105 condominiums closed escrow during May were down 1.9 percent from a year ago, though up 105 percent from April. Condo sales from January through May fell 10.4 percent compared to the same period of 2017.

“The 30-year, fixed-rate mortgage saw a jump of 20 basis points in just one week during May,” said M. Dean Vincent, chairman of the Santa Clarita Valley Division of the Southland Regional Association of Realtors. “That pushed rates to the highest level since 2014. Higher mortgage rates and still rising home resale prices hurt affordability, limiting the number of people who can afford to buy, which may translate to fewer sales.”

The median price of homes sold during May was $615,000, up 9.8 percent from a year ago. The local median home price has yet to surpass the record high of $643,000, which came in April 2006. May and this January marked the two times since 2007 that the median has come in at or higher than the benchmark of $600,000.

The condominium median price of $404,000 was up 9.2 percent from May 2017, but fell 1.5 percent from the record high $410,000 posted this April. The May median price marked only the second time on record the median has posted higher than the benchmark of $400,000.

“An expanding inventory would temper price appreciation,” said Tim Johnson, the Association’s chief executive officer. “Yet the lack of supply combined with expected additional interest rate increases later this year will limit what buyers are willing to pay for a home, and that may hold price increases in check.”

The Association reported 470 active listings valleywide at the end of May. That was down 2.9 percent from a year ago and represented a mere 1.4-month supply at the current pace of sales. With only three exceptions, every month since February 2015 has posted a decline from the prior year in the number of active listings, though the double-digit drops seen last year have yielded to single-digit declines since February.

Of the 331 combined residential closed escrows seen this May, 98.2 percent were standard sales involving traditional buyers and sellers. There were two foreclosure-related transactions, one home and one condominium, or 0.6 percent of the May market, and only one home short sale, for a 0.3 percent market share.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
College of the Canyons received a season-high 26 points and 12 rebounds from freshman Zach Phipps on the way to a hard-fought 72-63 conference win over visiting Bakersfield College on Saturday.
Canyons Tops Bakersfield 72-63 in the Cougar Cage
More than 75 parents and students heard from a number of department heads and incoming faculty for the new Castaic High School during a town hall meeting held Wednesday.
Parents, Students Get Answers at Castaic High Town Hall
A Canyon Country man allegedly linked to more than 1,900 graffiti tagging incidents was arrested on Monday by Santa Clarita Valley Sheriff's Station COBRA detectives, the station reported Friday.
Suspected SCV Tagger Arrested After Year-Long Probe
In a motion authored by Supervisors Mark Ridley-Thomas and Janice Hahn, Los Angeles County Public Health along with other county departments were directed to examine potential ordinances and policies to address nuisance tobacco shops, as well as education and outreach strategies to curb tobacco use.
County Health Officials Propose Tobacco Retail Policy, Law Changes to Protect Youth
Recently elected Assemblywoman Christy Smith (D-Santa Clarita) will hold a community swearing-in ceremony and her first local town hall meeting at Oak Hills Elementary School in Valencia beginning at 11 a.m. Saturday.
Feb. 16: Smith to Hold Swearing-In, Town Hall in Valencia
The Santa Clarita Valley has been in the news quite a lot lately -- and for good reason. Those of us who call the SCV home already know it's a great place to live and work, but others are taking notice as well.
SCV Keeps Winning: Santa Clarita Named No. 24 Healthiest U.S. City
President Donald Trump declared a national emergency Friday, a move that will let him pour roughly $8 billion into construction of a wall along the southern border.
Trump Declares National Emergency, Newsom Voices Opposition
Castaic High School announced the hiring of two athletic directors, Jibri Hodge and Mark Overdevest, on Thursday morning.
Castaic High School Adds 2 Athletic Directors
The next meeting of the Los Angeles County Board of Supervisors is set for Tuesday, Feb. 19, starting at 1 p.m.
Feb. 19: LA County Board of Supervisors Meeting
The Los Angeles County Sheriff Civilian Oversight Committee will host a town hall meeting at Wm. S. Hart Park in Newhall on Thursday, Feb. 28, from 5:30 p.m. to 7:30 p.m.
Feb. 28: Sheriff Oversight Panel to Host SCV Town Hall Meeting
U.S. Rep. Katie Hill (D-Agua Dulce) and GOP 38th District Chair Mark Hershey weighed in on the funding bill Congress passed Thursday to prevent another government shutdown, which includes $1.375 billion in funding that will be used to support 55 miles of border barrier.
Hill, Local GOP Chairman React to Federal Funding Deal
California Attorney General Xavier Becerra has urged health insurance providers to remove prior authorization requirements for medication-assisted treatment of individuals with an opioid abuse disorder.
AG Asks Insurance Providers to Help Fight Opioid Epidemic
The Los Angeles County Health Officer is again issuing a Cold Weather Alert due to the National Weather Service’s forecast for low temperatures in Southern California through Thursday.
Cold Weather Alert Called for SCV, AV, Mountains Till Thursday
U.S. Rep Katie Hill (D-Agua Dulce) has introduced "The Shutdown Fairness Act," H.R. 1117, a bill to clarify that federal employees forced to work without pay during government shutdowns are eligible for earned unemployment benefits.
Hill Intros ‘Shutdown Fairness Act’ to Protect Federal Workers
A new space mission announced by NASA on Wednesday will allow astronomers to study the universe like they never have before, gathering data on more than 300 million galaxies and more than 100 million stars in the Milky Way.
New NASA Mission Will Probe the Origins of the Universe
California 36th District Assemblyman Tom Lackey, R-Palmdale, has lauded Gov. Gavin Newsom's decision to kill most of the state's high-speed rail project, including the section that would have affected Acton and Sand Canyon in the Santa Clarita Valley.
Lackey Lauds Newsom Decision on High-Speed Rail
A San Francisco Bay Area free-speech group sued California’s attorney general and justice department Thursday over the refusal to disclose records on police misconduct under a new police transparency law.
California AG Sued Over New Police Transparency Law
1939 - Los Angeles premiere of John Ford's "Stagecoach"; approx. 7 seconds shot in SCV [Watch Clip]
Stagecoach
Because of the recent rainfall, Los Angeles County Health Officer, Muntu Davis, MD, MPH, is cautioning residents who are planning to visit Los Angeles County beaches to avoid swimming, surfing, and playing in ocean waters around discharging storm drains, creeks, and rivers. Bacteria, chemicals, debris, trash, and other public health hazards from city streets and mountain areas are likely to contaminate ocean waters at and around these outlets after a rainfall.
County Officials Issue Beach Water Advisory Until Sunday
The third season of the Netflix original series, “Santa Clarita Diet,” will premiere Friday, March 29.
March 29: Santa Clarita Diet Season 3 Premiere (Video)
House of Bounce at Westfield Valencia Town Center will hold a Grand Re-Opening Saturday, March 2, at 10:00 a.m.
March 2: House of Bounce Grand Re-Opening at Valencia Town Center
NORTHRIDGE - The CSUN women's tennis program travels to Long Beach State Friday for a Big West Conference dual. First serve is set for 2:00 p.m.
Matadors Travel to Long Beach State for Big West Conference Matchup
The joint MLB-MLBPA Youth Development Foundation (YDF) and California State University, Northridge (CSUN) announced Tuesday a $1 million grant to upgrade the school’s facilities to help provide better opportunities for underserved young players and their families in the Greater Los Angeles and San Fernando Valley communities.
CSUN Awarded $1M Grant to Improve Its Baseball Facilities
Dust off your mitt and step into your stirrups. The Santa Clarita City Council invites residents to purchase tickets now for the 42nd Annual City of Santa Clarita Dodger Day.
Tickets on Sale Now for SCV Dodger Day Scheduled for May 11
More rain turned into more traffic collisions, mudslides, debris flows and flooding for the Santa Clarita Valley Thursday morning.
SoCal Storm Brings Collisions, Flooding to SCV
The city of Santa Clarita’s first inclusive play area is coming to Canyon Country Park, following the City Council’s approval of a contract to begin the project at its meeting on February 12, 2019.
City’s First Inclusive Play Area Coming to Canyon Country Park
Princess Cruises has announced the leadership team for its latest ship, Sky Princess, with seasoned master Captain Heikki Laakkonen to take the helm and bring the ship into services from the Fincantieri shipyard in Monfalcone, Italy.
New Leadership for Princess Cruises’ Newest Ship
With more storms in the forecast, the city of Santa Clarita wants to make sure residents know how to prepare for heavy rainfall and where to seek assistance.
City’s Storm Preparations Underway
More than 75 students in the Newhall School District are homeless, according to an eye-opening presentation the district’s board and administrators received Wednesday night from their Student Support Services Department.
Newhall School Board Addresses District’s Homeless Students
The Santa Clarita Valley Escrow Association (SCVEA) is proud to announce it will be hosting the 6th Annual Grill Master “Battle of the Champions” event at Wolf Creek Brewery on April 13, 2019 with proceeds benefiting The Youth Project.
April 13: Grill Master ‘Battle of the Champions’ Benefiting The Youth Project
The Santa Clarita Planning Commission will hold its regular meeting Tuesday, Feb. 19, at 6:00 p.m.
Feb. 19: Santa Clarita Planning Commission Regular Meeting
LOS ANGELES (CN) – Women who said former University of Southern California gynecologist George Tyndall sexually abused them settled their claims for $215 million, ushering in an era of wide-ranging reforms at the university.
USC Reaches $215M Settlement Over Alleged Sex Abuse Claims
SACRAMENTO - Senator Scott Wilk, (R-Santa Clarita), introduced Senate Bill 219 (SB 219), legislation that will create a pilot program for foster youth to receive grants for extracurricular and enrichment activities.
Wilk Introduces Bill to Create New Grants for Foster Youth
Make your voices heard. Come meet the Sheriff Civilian Oversight commissioners and leadership from the Santa Clarita Valley Sheriff's station.
Feb. 28: Santa Clarita Valley Town Hall
SACRAMENTO – During its January General Meeting, the New Motor Vehicle Board elected Kathryn Ellen Doi, a Public Member, to serve as President, and Bismarck Obando, a Public Member, to serve as Vice President.
New Officers Elected for Motor Vehicle Board
1939 - Newhall Elementary School burns down; pupils rejoice [story]
Newhall school