HOME MARKET BUILDING VALLEY SALES HIGHEST IN 15 YEARS; MEDIAN PRICE $399,000.

Byline: Gregory J. Wilcox  Staff Writer

VAN NUYS - Home sales in the San Fernando Valley hit their highest level in 15 years during November and the median price soared an annual 20.5 percent, to $399,000, as the market continues to resist a seasonal slowdown, a trade group said Tuesday.

Last month, consumers bought 1,105 previously owned single-family homes, an annual increase of just 1.8 percent but the highest since 1,216 sales in November 1988, said the Van Nuys-based Southland Regional Association of Realtors.

The median price, the point at which half the units sell for more and half for less, was just $1,000 under the record $400,000 reached in August.

The smaller condominium market saw a record for median price and November sales. Last month, escrow closed on 422 condominiums, besting the prior high of 402 sales in November 1988. Sales increased an annual 9.6 percent.

The median price jumped an annual 33.3 percent, to $260,000, just beating the prior mark of $259,900 in September.

``To tell you the truth it is better than we expected. We knew the market would stay strong but we expected more of a seasonal slowdown. This just illustrates how strong the demand is for housing,'' said Jim Link, executive vice president of the Realtors group.

Link now believes that the strong November showing and continued heavy activity during December will make 2003 the second- or third-best year in the association's 83-year history.

Pending escrows, an indicator of future sales activity, rose 1.6 percent over a year ago.

If the last month of the year ends with more than 1,000 sales of both single-family homes and condominiums, which appears likely, it would mark the third consecutive year that every month surpassed 1,000 transactions.

And the year will probably bring more than 13,700 sales of single-family homes. That would be the third highest ever.

``Buyers have enormous faith in the market,'' said Tom Carnahan, president of the 8,500-member association. ``They want to capture home loans while rates are still at their lowest point in decades.''

The same factors continue to drive the market: strong demand, tight supply and interest rates that are still low.

At the end of November there were 2,226 properties listed throughout the San Fernando Valley. That's 38.3 percent fewer than a year ago and just a 1.5-month supply of stock at the current sales pace.

Industry experts agree that inventory should be closer to a five- or six- month supply, or about 7,600 listings.

John Karevoll, an analyst at DataQuick Information Systems, a market tracker, said the broader regional market reflects the same trend.

``The numbers would be even higher if there were more homes for sale. Everything is selling fast and furious,'' he said.

Gregory J. Wilcox, [phone]

greg.wilcox(at)dailynews.com