File photo.

Single-family home sales in Santa Clarita moderated during July as prices posted another month of double digit gains despite a rise in the supply of homes listed for sale, the Southland Regional Association of Realtors reported Thursday.

A total of 277 homes changed owners, an increase of 1.8%, and 3.1% lower than the 286 sales reported in June, which was the highest tally since November. Realtors also assisted in the close of escrow of 99 condominiums, which were down 2.0% from a year ago and off 3.9% from June.

“The local home market typically starts to slow around this time of year, though these remain unusual times,” said Nicole Stinson, chair of the Santa Clarita Valley Division Council of the Southland Regional
Association of Realtors. “We’re still seeing strong sales, many with multiple offers, yet the pace appears to be slowing slightly, even as more homes hit the market and interest rates remain below 3% for 30-year loans.

“The increase in inventory is slight and comes primarily in single-family homes,” she said, “yet even a few more homes listed for sale may ease upward pressure on resales prices.”

The Association reported a total of 337 active listings at the end of July. That was up 7.3 percent over a year ago and was the highest monthly supply since October, a run that include the record low 193 listings reported in December. Of the 337 listings in July, single-family home listings were up 21.0% while condominium active listings fell 21.8% compared to a year ago.

The median price of homes that changed owners last month was $810,000. That was up 23.7% from July 2020, yet down 2.4 percent from this June, which posted the record high of $830,000. The condominium median price for July was $495,000, up 15.9% from a year ago and 3.6% higher than June. The condo record median price of $520,000 came this May.

“Local home resale prices remain high as multiple buyers push prices above asking price,” said Tim Johnson, the Association’s chief executive officer. “As more properties come on the market later in the year and more buyers resist paying higher prices, the market may find a new balance.”

Pending escrows — a measure of future sales activity — also suggest the market is slowing. At the end of July there were 376 open escrows. That was down 13.6% from this time last year when 435 homes and condos were waiting to close.

The Southland Regional Association of Realtors is a local trade association with more than 10,300 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.