Home Sales Up; Price Down in the San Fernando Valley

The L.A. Daily News reports:

Home sales in the San Fernando Valley increased slightly in April from a year earlier, the first annual uptick in 30 months and a sign that the worst of the real estate slump might be over, a trade association said Thursday.

But prices continued to tumble with the median falling 26 percent from a year ago, to $465,000, said the Southland Regional Association of Realtors. The median price has fallen $160,000 in the past 12 months, an amount equal to the median price in March 1997.