Valley home sales “frozen”

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

Good morning. The Daily News reports ‘the San Fernando Valley’s residential real estate market remained frozen during November with both sales and prices retreating substantially from a year ago,’ according to home sales tallied by the Southland Regional Association of Realtors.

Headlines/highlights: Median price of a previously owned single-family house fell 6.3% from year-earlier levels, to $557,500, the lowest median in 32 months. Sales fell 53% -- wow.

‘I honestly think we’re in a bit of an impasse. Buyers aren’t doing anything and sellers are just sitting back waiting for something to happen,’ Jim Link, the association’s executive vice president, told the Daily News. ‘It was not good ... and we don’t expect December’s numbers to be any better.’

My two cents: I put the Valley into the Countrywide category -- just as Countrywide is a good proxy for the entire mortgage industry, the Valley is as good a proxy as any for L.A., a region that defies easy characterization.

Your thoughts? Comments? E-mail story tips to [email protected].
Hat tip: L.A. Biz Observed