Valley’s Housing Slump Continues : Real estate: August sales are off 13% from a year ago. Nearly 60% of the houses that closed escrow are sold to first-time buyers.

The housing slump in the Valley showed no signs of letting up, as sales of existing single-family houses and condominiums in August fell 13% from a year ago, the San Fernando Valley Board of Realtors reported Monday.

Sales of detached single-family houses dropped 8% in August, to 691 from 750 a year ago. The latest monthly sales figures inched up 3% from July, when 670 single-family houses were sold.

Meanwhile, the number of condominiums sold in the Valley last month plunged 28%, to 161 from 224 in August, 1991, a drop the board attributed in part to first-time buyers deciding on a lower-priced residence. Contrasted with July, when 180 condominiums were sold, the number of condominiums sold last month fell 11%.

The board said nearly 60% of the houses that closed escrow last month were sold to first-time buyers, who apparently are taking advantage of the lowest interest rates in two decades and declining housing prices. Nearly two of three houses sold last month were under $250,000, the board said.

“First-time buyers are keeping the local market moving,” Lorrie Griffey, the board’s president, said.

But Griffey added, “Bad news on the economy unquestionably hurts local home sales, especially the trade-up market and sales of higher-priced homes.”

With sales remaining sluggish and summer winding down, it appears more sellers are taking their houses off the market, and fewer potential sellers are listing their houses. The board said the inventory of houses and condominiums--which hit a record high of 14,976 in July--dropped last month to 13,717.

Meanwhile, new listings of single-family houses and condominiums dropped 8% in August, to 2,615 from 2,843 a year earlier.

Housing prices have declined steadily in the past year, and that trend continued last month, though more modestly.

The average price of a single-family house sold last month was $270,900, down less than 1% from $272,700 in July but 14% lower than $313,200 a year ago. The median price of a house sold in the Valley last month was $215,000, meaning half the houses sold for more than $215,000 and half sold for less. That price was virtually unchanged from July, but it was 9% lower than the median price of $237,000 for houses sold in August, 1991.

The average price of a condominium that closed escrow last month was $149,200--down 2% from July and a decline of 5% from August, 1991. The median price of a condominium sold last month dropped 4% from July, to $138,000, and it was down 6% from $147,000 a year ago.

By region, the board’s figures generally showed that August sales were stronger in areas where housing prices are traditionally lower. In the southwest Valley, sales of single-family residences fell 17% in August contrasted with a year ago, though the average price dropped 10% last month from a year ago.

“Proper pricing dictates when a property sells in today’s market,” Griffey said. The Valley realty board said only 7% of the houses sold in August were sold at, or above, the listing price. In the same period three years ago, that figure was 12%.

On the average, Griffey said, prices of houses sold are eventually slashed 7% to 14% from their initial listed price.

The Valley realty board, the largest in California, reports housing sales by its 8,000 members in the area from Agoura to North Hollywood. Its statistics do not include sales of most new residences.

August Valley House Sales North West: Avg. Price: $243,900 Sales: 36 North Central: Avg. Price: $275,600 Sales: 108 North East: Avg. Price: $168,000 Sales: 109 South West: Avg. Price: $309,700 Sales: 203 South Central: Avg. Price: $285,900 Sales: 89 South East: Avg. Price: $287,600 Sales: 146