THE HOUSE PARTY IS OVER VALLEY HOME PRICES DIP SLIGHTLY YEAR-TO-YEAR FOR THE FIRST TIME IN 116 MONTHS, REPORT FINDS.

Byline: GREGORY J. WILCOX  Staff Writer

The median price of a San Fernando Valley home fell in November, ending a 116-month streak of consecutive year-over-year gains that sent prices soaring 283.9percent, a trade association said Friday.

Last month, the median price of a previously owned single-family Valley home slipped an annual 0.8percent, or $5,000, to $595,000.

The Van Nuys-based Southland Regional Association of Realtors said it is the first year-over-year price decline since the median fell 13.9percent, to $155,000, in February 1997. The run-up in home prices started a month later.

November's median fell 2.5percent, or $15,000, from October, and it is 4.8percent under June's record of $625,000.

``Frankly, I thought it might have happened a few months ago. The market has found its level,'' said Jim Link, the association's executive vice president.

Sales fell an annual 22.5percent in November, to 753 transactions, the fewest for that month since 781 sales in 1995. They declined 2.3percent from October.

Sales have now fallen on a year-over-year basis every month since October 2005.

That trend is expected to continue at least until the buying season starts in the spring, but prices should not waver much from their current level, experts say.

``We expect it to wiggle around this number as long as the job market stays strong in the Valley,'' Daniel Blake, director of the San Fernando Valley Economic Research Center at California State University, Northridge, said of prices. ``I would look for some months up and some months down.''

The median likely fell because more homes in lower price ranges sold last month, he said.

Sales have remained in a relatively flat range since August.

``Everything I've been reading, everything I've been hearing from Realtors suggests that the major shift in the local residential real estate market is over,'' association President Steve White said.

At the end of November, there were 6,092 properties listed for sale, up 47.1percent from a year ago and a 5.9-month supply at the current sales pace.

That's down from a 7.1-month supply in October. The association considers a five- to six-month supply a balanced market.

Pending escrows also indicate that the market is moderating.

There were 1,037 escrows open at the end of last month, down 8.2percent from a year ago and off 4.6percent from October.

White also said a few sellers are getting multiple offers on properties that are reasonably priced.

``I talked to agents this week who were shocked to learn when they submitted an offer they had other buyers competing for the property,'' he said.

The condominium market also continued cooling last month as 284 of these properties changed owners, 21.3percent fewer than a year ago. Sales did increase 14.1percent from October.

The median price fell an annual 0.6percent, to $391,000, and declined 4.6percent from October.

Total sales of houses and condominiums fell 22.2percent, to 1,037 transactions, and the median price remained unchanged from a year ago at $550,000 and slipped 2.1percent from August.

``I think the message that is beginning to get to buyers is that if they can afford to wait and poke around, they can find somebody who really wants to move the house,'' Blake said.

greg.wilcox(at)dailynews.com

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SOURCE: Southland Regional Association of Realtors