Thursday, June 21, 2012

San Fernando Valley home sales leap 25 percent in May

Home sales in the San Fernando Valley jumped 25 percent in May, the biggest increase in 30 months and a sign that the market may be on the mend, a research center said Thursday.

In another encouraging indicator, the number of properties foreclosed on in May plunged 52.5 percent, said the San Fernando Valley Economic Research Center at California State University Northridge.

"This is really good news. Foreclosures are no longer driving the market," said economist William W. Roberts, the center's director.

Last month sales of new and previously owned houses and condos increased to 1,537, from 1,234 a year ago and they increased 10 percent from 1,402 in May, said the center, which track the market from Glendale through Calabasas.

The year-over-year sales increase is the biggest since a 34 percent gain in December 2009.

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