Home Sales Rise 34% in March; Prices Stay Flat

Pending escrows of both single-family houses and condominiums reached an eight-year high last month, but prices remained flat as entry level-priced homes continued to be the best sellers, according to sales figures released Monday by the San Fernando Valley Assn. of Realtors.

In March, 1,335 residential properties were in escrow at the end of the month, the best showing since March 1989, the peak of the local housing market before it began its long slide during the 1990s.

A total of 882 single-family houses were sold last month, up 34% from the 659 houses sold in February.

While the sales volume is picking up, home prices are not.

Last month the average sales price for a single-family home was $207,600, down 8% from $225,500 in March 1996. In February, the average sales price was $203,100.

However, the median sales price for houses continues to be dramatically lower, reflecting the heavy demand for homes priced at the bottom end of the market. In March the median sales price was $160,000 for a single-family house in the Valley, up 2% from $157,500 a year earlier. The median price means that half the houses sold last month cost more than $160,000, while half sold for less.

The condominium market mirrored the rest of the Valley’s residential housing market, as 267 condos sold last month, up 7% from 249 condos sold in March 1996.

The average condo sold for $96,500 in March, down 3% from the average price of $99,800 a year ago.

Meanwhile, the median condo sales price was $85,000 last month, up slightly from the $84,000 median price in March 1996.

The housing survey is conducted by the Valley realty association, which tracks sales by its 6,200 members from North Hollywood to Calabasas.