Sales of existing single-family homes increased 7.4 percent throughout Santa Clarita
during August while the median price of homes that changed owners rose 6.6 percent,
the Southland Regional Association of REALTORS® reported today.
A total of 262 homes closed escrow, up 18 transactions from a year ago and 40 sales
higher than this July.
After months of posting higher sales as buyers sought affordable housing, condominium
closed escrows returned to earth during August. REALTORS® helped close escrow on
91 condominiums, a 7.1 percent drop from August 2016, and fell 41 sales or 31.1
percent from July.
“The regionwide lack of inventory impacted home and condo sales,” said Marty Kovacks,
chairman of the Association’s Santa Clarita Valley Division. “Buyers ran out of condo
options as earlier offerings in entry-level market ranges were gobbled up and home
buyers competed against each other whenever a properly priced home hit the market.
“There’s little surprise any more whenever the laws of supply and demand kick into
action,” Kovacs said.
The Association reported 533 active listings at the end of August. That was down 14.4
percent from a year ago and represented a 1.5-month supply at the then current pace of
sales, well below the nine-year average monthly listing of a 4.9-month backlog.
With the exception of only three months, every month since February 2016 has posted a
drop in the active inventory, including double-digit drops reported in six of this year’s
eight months. For comparison, the record high inventory came in September 2006 with
2,630 active listings.
“Fluctuations in loan interest rates and the widespread awareness of a lack of inventory
contribute to a sense of urgency for the dwindling number of prospective buyers who can
still afford to by at today’s prices,” said Tim Johnson, the Association’s chief executive
officer. “The lack of inventory clearly influences buyers and drives prices higher, realities
that likely will continue for the foreseeable future.”
The median price of homes sold last month came in at $574,500, up 6.6 percent from
August 2016. The home median price was 10.7 percent below the record high of
$643,000 set in April 2006. The highest median since that record was this June’s price of
Condominiums that changed owners last month posted a median price of $360,000, up
3.6 percent from a year ago. That also was 9.3 percent below the record high of
$397,000 set in January 2006.
Pending escrows, a gauge of future sales activity totaled 343, down 3.9 percent from
Of the 353 combined residential transactions reported in August, 97.5 percent were
standard sales involving traditional buyers and sellers. There were a total of four
foreclosure-related transactions and four short sales with each representing a 1.1
percent share of the market.
California State University, Northridge will be home to one of the 1,000 vote centers across Los Angeles County that are open to the county’s voters in the days before the Nov. 3 presidential election.
Los Angeles County Treasurer and Tax Collector Keith Knox and County Assessor Jeffrey Prang are alerting the public to a property tax scam under the guise of COVID-19 that has been reported to a District Office of the Assessor.
Los Angeles County is providing a second opportunity for financial assistance to businesses that have been disproportionately impacted by the COVID-19 pandemic and have been allowed to reopen by the State, but ordered to remain closed by the County of Los Angeles Health Officer Order as of Sept. 4, 2020.
The Los Angeles County Department of Public Health confirmed Thursday 18 new deaths and 3,600 new cases of COVID-19 countywide, including 6,944 total cases in the Santa Clarita Valley and a new fatality in the city of Santa Clarita.
With L.A. County’s Project Roomkey coming close to an end, Bridge to Home officials announced Thursday a new initiative to house more than two dozen local homeless individuals, but it will require help from the community
Santa Clarita Artists Association will hold its last virtual oil workshop of the year on Sunday, Nov. 15, from 3:00 p.m. - 6:00 p.m., with Rich Gallego, entitled, "Using a Modified Zorn Palette to Create Harmonious Landscapes."
The Dr. Dianne G. Van Hook University Center will host a virtual open house event on Friday, Oct. 30 for prospective students interested in earning a bachelor’s or master’s degree through the center’s partner institutions.
Los Angeles County Public Works and Los Angeles County Sanitation Districts will host a free Household Hazardous Waste and E-Waste Recycling Roundup, Saturday, Oct. 24, from 9:00 a.m. - 3:00 p.m., at Val Verde Park.
SACRAMENTO — State Superintendent of Public Instruction Tony Thurmond announced Thursday that the California Department of Education (CDE) will distribute 500,000 face masks donated by General Motors (GM) to schools in need across the state.
The Los Angeles County Department of Public Health on Wednesday confirmed 33 new deaths and 510 new positive cases of COVID-19, as the Santa Clarita Valley counts 6,809 confirmed COVID-19 cases and 72 deaths from the virus since the World Health Organization declared the pandemic on March 11.
The Academy of Motion Picture Arts and Sciences on Wednesday honored 18 student Academy Award winners from colleges and universities around the world at the 47th Student Academy Awards ceremony, held virtually for the first time
With only two weeks left before the November election, candidates Rep. Mike Garcia, R-Santa Clarita, and Assemblywoman Christy Smith, D-Santa Clarita, honed in on their priorities during a virtual forum Tuesday.
In celebration of the 30th anniversary of the Americans with Disabilities Act, the Academy of Motion Picture Arts and Sciences will present a special virtual program titled “ACCESSIBILITY/VISIBILITY: Breaking Down the Barriers for People with Disabilities in Media,” going live October 26 at 5 p.m.
Air quality is unhealthy for sensitive groups and individuals in the Santa Clarita Valley and the East San Gabriel Valley Wednesday, October 21, according to the South Coast Air Quality Management District.
Nearly 300,000 more Americans have died so far in 2020 than in a typical year, with the excess deaths including the U.S. death toll from COVID-19 plus deaths indirectly tied to the pandemic, the Centers for Disease Control and Protection said Tuesday.
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