Report shows dip in single-family home prices

The median price for a Glendale home in January was slightly lower than the same time last year, while the first month of 2015 saw the second lowest number of homes sold in the past 12 months, according to the latest real estate report.

The median price for a single-family home was $742,000 last month, a small slide from $750,000 during January 2014, according to statistics compiled by Realtor Keith Sorem with Keller Williams Realty.

Also, only 22 homes were sold last month, the lowest since February 2014, according to the data, but some market experts say the lull may be due to the holiday season.

Overall, 78 homes were on the market last month, down from 83 during the same month last year.

While sales might have been slow in December and January because of the holiday season, there’s no shortage of buyers, said John Calvo, a Realtor and broker with Lighthouse Realty Associates in Glendale.

He added that interest rates remain low for home loans and mortgage rates from the Federal Housing Administration were cut in half last month from 1.35% to .85%, making it easier to get a loan.

“It’s a huge savings,” Calvo said. “Property prices in Glendale are still fairly affordable. I think once the inventory starts increasing, we’ll have a lot of buyers out there.”

The median price for a condominium in January jumped 34% from the same month a year ago, rising from $309,000 to $414,000, according to Sorem’s statistics.

Forty-five condos were up for sale last month, up from 43 in January 2014, while 33 condos sold last month, down from 47 the same time last year.

Looking to La Crescenta, the median price for a single-family home rose to $650,000 in January from $635,000 during January 2014, according to Sorem’s data.

Only 20 homes were put up for sale last month, down from 35 during the same month last year. Fifteen homes were sold, down from 19 in January 2014.

The median price for a condo in La Crescenta was $430,000 in January, unchanged from a year ago.

Five condos were up for sale last month, the same number as the inventory in January 2014.

In La Cañada Flintridge, the median price for a single-family home was $1.35 million last month, down from $1.78 million the same time a year ago.

The inventory exploded as 168 properties were listed for sale in January, up dramatically from 81 in the first month of 2014.

Thirty homes sold in January, up from 25 a year ago.