House Prices End 3-Month Fall, Rise 5%

After falling for three straight months, the average resale price of a single-family house in the San Fernando Valley rose 5% in March to $307,100 from $293,800 in February, the San Fernando Valley Board of Realtors reported Monday.

The average was 11% higher than in March, 1989, when the average single-family house was resold for $276,600.

Sales of single-family homes picked up markedly in March, rising 23% to 739 from 602 in February. But the total number of sales was still 38% under the level of March, 1989, when 1,192 single-family houses were resold.

The average resale price of a condominium, meanwhile, rose less than 1% in March, but hit a record high of $156,500, up from $156,000 in February.

The new average marked a 16% increase since March, 1989, when the average resale price of a condominium was $134,900.

Condominium resales rebounded 23% in March to 341 from 277 in February. But there were still 22% fewer condominium resales than in March, 1989, when 439 condominiums changed hands.

Despite this month’s price increases, the Valley realty board said the large inventory was curbing prices, as reflected in the record number of 11,682 condominiums and houses available for sale in March.

“The theory of supply and demand is taking over because there are more homes for sale and buyers have more bargaining power on their side,” Jim Link, the board’s executive vice president, said in a statement. “That’s forcing many sellers to negotiate and take a little less profit.”

The Valley realty board is California’s largest, and it reports on the resales of houses and condominiums by its members in the area from North Hollywood to Agoura.

MARCH VALLEY HOME SALES

NORTH EAST -- Avg. Price: $170,900. Sales: 146

NORTH CENTRAL -- Avg. Price: $328,700. Sales: 110

NORTH WEST -- Avg. Price: $377,500. Sales: 30

SOUTH WEST -- Avg. Price: $387,500. Sales: 150

SOUTH CENTRAL -- Avg. Price: $341,200. Sales: 116

SOUTH EAST -- Avg. Price: $304,400. Sales: 187