Property Values
In August 2005, the median price of an average one family home in the San Fernando Valley reached $600,000. In 1997, it was only $155,000. In the summer of 2003, it reached $400,000 and by July 2005, it reached $578,500. From July to August (one month) 2005, it rose by $100,000. A cooling off was noted in 2006, when between November 2005 and November 2006, median prices rose by the smallest amount of any 12 month period since mid-1997. Indeed, November prices were lower than October prices, and sales for November had fallen 19.1% compared to a year earlier. The United States housing market correction affected the San Fernando Valley in 2007–2009 making housing significantly more affordable in the area, the median sales price fell from $660,000 at the peak in May 2007, to $500,000 by March 2008, stabilizing in 2009 at around $330,000 – $340,000.
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Famous quotes containing the words property and/or values:
“A few days later the younger son gathered all he had and traveled to a distant country, and there he squandered his property in dissolute living.”
—Bible: New Testament, Luke 15:13.
“The return to solid values is always hard.... Distress, panic, and hard times have marked our pathway in returning to solid values.”
—James A. Garfield (1831–1881)