City home sales spike

262 houses sold in August, 40 more than July

The Santa Clarita Valley saw a dip in the price of homes and an increase in sales in August.

Sales prices, however, were up considerably over the prior year.

Last month, 262 homes were sold, which are 40 more homes than in July and 18 more than last August, according to the Southland Regional Association of

Realtors.

The median price of a home in the valley was $574,500 in August, down from $584,600 in July. The price is a 6.6 percent increase from August 2016 when the median house cost $539,000.

However, 91 condominiums were sold, which is 41 less than July and seven less than last year.

Median costs for condos increased in August, as the median was $360,000, up from $358,000 the month prior. August’s condo costs were a 3.6 percent increase from this time

in 2016, when the median price was $347,500.

At the end of the month, the association counted 533 active listings, which is a 14.4 percent decrease from last year. This is a month and a half’s supply at the current pace of sales.

“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 buy at today’s prices,” SRAR’s Chief Executive Officer Tim Johnson said. “The lack of inventory clearly influences buyers and drives prices higher, realities that likely will continue for the foreseeable future.”

There were 343 pending escrows at the end of the month, which the association says gauges future sales activity. From August 2016’s pending escrows, this is a 3.9 percent decrease.