San Fernando Valley Single Family Home sales for June 2010 came in at 649 which is down 4.42% MoM and down 16.26% YoY. This is the ninth straight month of YoY declines and the WORST June on record. The median price for single family homes came in at $385,000 which is even MoM and up 2.67% YoY. Residential inventory is officialy up YoY. New pendings last month dropped below June 2008 (which was worse than 2009) levels.
Based on pendings (the top green line) we should see a lower closed sale for July but considering how muted June was I think we very well could see even lower sales as back on market properties stay on market instead of being sold again.
Condo sales came in at 262 which is up 23.00% MoM and up 11.01% YoY. Median price for condos came in at $230,000 which is down 1.29% MoM and up 1.77% YoY. This was the best month for condo sales since July 2007. Clearly the larger condo supply and tax credit deadline had people choosing condos over SFH in a desperate attempt to get the tax credit. The only strength in the market is in the condo space and I think that is due more to the amount of motivated supply (whole condo projects going defunct). Condo pendings aren't strong going forward but they are doing much better than SFH.