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.
The Los Angeles County Department of Public Health confirmed the first death due to the West Nile virus for the 2021 season in Los Angeles County. The patient, a resident of the eastern region of Los Angeles County, was hospitalized and died from WNV-associated neuro-invasive disease.
Los Angeles County Public Health officials on Friday confirmed 25 new deaths and 1,823 new cases of COVID-19 countywide, with 35,090 total cases in the Santa Clarita Valley. Additionally, Public Health announced that the Los Angeles County Health Officer Order will be modified today to require vaccination verification or a negative test prior to entry to all mega-events and event venues by Oct. 7.
The Los Angeles County Board of Supervisors approved an ordinance Wednesday that would require developers of various types of residential, commercial and industrial projects to provide public art in private developments in the amount of 1% of the building valuation or pay 1% of the building valuation toward a public art fund.
The Santa Clarita City Council received a brief report Tuesday about Camps Scott and Scudder, two Saugus facilities recommended by the Juvenile Justice Coordinating Council’s Juvenile Justice Realignment Block Grant Ad-Hoc Subcommittee in May to become the new homes of violent juvenile offenders in Los Angeles County.
During Child Passenger Safety Week, Sept. 19 through 25, the California Highway Patrol will educate the public on the importance of ensuring children are riding in a properly fitted and installed child passenger safety seat.
The atmosphere on the outdoor patio of the Holiday Inn Express in Valencia was fun and lively during the Santa Clarita Valley Chamber of Commerce’s Latino Business Alliance’s Hispanic Heritage Month event Wednesday evening.
In the same week Los Angeles County Sheriff’s Department officials said they’ll be expanding the limitations on deputies drawing their AR-15’s in the field, some Santa Clarita Valley activists said they still want to see more changes to law enforcement policy
Officials from Henry Mayo Newhall Hospital reported two additional deaths Thursday, bringing the total number of COVID-19 deaths to 165 since the onset of the pandemic, hospital spokesman Patrick Moody confirmed.
Supervisor Kathryn Barger has read a motion to accept a portion of Sloan Canyon Road near Castaic High School into the county system of highways in an effort to ensure roadway safety and prevent future crashes.
Los Angeles County Sheriff’s Station deputies are looking for the scoop after multiple Baskin- Robbins ice cream shops were burglarized overnight Tuesday, including two locations in the Santa Clarita Valley.