Karen E. Klein reports in the San Fernando Valley Business Journal, Valley home Sales slow “…in the San Fernando Valley last month as the summer season came to an end and fewer homes were on the market, according to a Southland Regional Association of Realtors report.
“There were 577 single-family homes that changed hands in the Valley during August, down 4.3 percent from July but up 20.7 percent from a year ago. The pace of condominium sales also slowed, with 188 transactions during the month, off 6 percent from July but still a 1.1 increase from the previous August.
“While it is still a seller’s market in Santa Clarita, there are fewer multiple offers and fewer offers coming in above the asking price, said Bob Khalsa, president of the Santa Clarita Valley Division of the realty association. “Today’s market is stronger, fundamentally different from the rapid rise and quick fall of the market seen in the last decade,” he said in a statement.
“Active listings in the region are falling, with just a 1.8-month supply of inventory on the market, and open escrows hit 350 by the end of August, up just 5.7 percent from a year ago compared to double-digit growth throughout the earlier part of the year. Both are signs that the local housing market is following seasonal sales patterns.”
It appears we are moving into the slower time of year for housing. Condo sales have slowed. There are fewer multiple offers and fewer above the asking price and active listings are falling.
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