ADVERTISING SUPPLEMENT Valley Median Home Price Hits Record $945,000 City Program Matches Renters With Owners of Accessory Dwelling Units Owners of properties with existing, permitted accessory dwell- ing units may be eligible to join a City of Los Angeles one-stop program designed to match screened renters with property owners interested in renting affordable units. The city's ADU Accelerator Program partners with homeowners to rent their accessory dwelling units to older adults facing housing insecurity. In exchange, homeowners receive benefits such as tenant screening, timely and competitive rent, and ongoing landlord support. Eligible homeown- ers undergo a screening process to assess land- lord fit and ADU qual- ity. Once accepted into the program, homeown- ers are matched with a qualified tenant who will pay a predetermined rental rate. Selected homeowners and tenants agree to participate in the program for five years. The program process was designed to ensure a safe, easy, and efficient experience for interested homeowners and renters. To be eligible for the L.A. ADU Accelerator Program homeowners must: Own a residential property in the City of Los Angeles, and Have an existing, legally permitted ADU with a Certificate of Oc- cupancy or be in the process of receiving a certificate of occupancy. The application process takes approximately three months from owner application submission to tenant move-in. Qualified tenant applicants undergo a rigorous screening and selection process before the city rec- ommends them to homeowners. Tenants pay 30 percent of their income towards rent with the remain- der subsidized by the City. The L.A. City program was one of nine cities selected as winners in 2018 of the Bloomberg Philanthropies U.S. Mayors Challenge. The or- ganization sought bold and creative ideas to confront complex challeng- es, with each winner awarded a $1 million grant to launch the initiatives. Go online to adu.lacity.org or email adue lacity.org with questions. Southiand Regonal Assooution of Reators Home and condominium sales during May were two and three times higher than a year ago when the pandemic hit, though a severe lack of inventory and high prices are limiting sales despite heavy buyer demand, the Southland Regional Association of Realtors reported Thursday. SOUTHLAND REGIONAL AssoCIATION OF REALTORS", INc. a year ago and blew past the prior record of $935,000 set in April. The condominium medium price for May was $530,000, up 18.4 sellers, yet high prices dimin- ish affordability and threaten the sustainability of the entire residen- tial market, said Tim Johnson, the Association's chief executive officer. "Let's hope owners will be more comfort- LA ADU Accelerator The 497 homes and 174 'Runaway home prices... Program condominiums that closed threaten the sustainability of May in the San the entire residential market' able, more willing to Fernando Valley were up 108.8 percent and 163.6 percent, respectively, escrow during sell, once the economy fully re-opens and the percent from a year ago but down 1.9 threat of the pandemic recedes. If percent from the record $540,000 set that happens, it may release some of this April. "Runaway home prices reward the pressure on prices and give fami- lies more homebuying options." At the end of May the Association re- Realtor Dlane Sydell, 2021 SRAR President compared to the record low 238 homes and SFV Total Active Listings - Combined Residential ported a total of 685 active listings for the entire San Fernando Valley. That was up from the record low of 620 listings reported in April, yet down 34.1 percent from a year ago. The 685 listings represented a mere 1.0-month supply at the current pace a sales, a woefully inad- equate number that prior to the pandemic had been in the 2- to 3-month range, which even then was considered too low. Despite the supply 66 condominiums that changed owners 12 months ago as the pandemic prompted safer-at-home orders and business shut- downs. "We're proud of how local Realtors responded a year ago in the face of adver- sity and pleased as the economic recovery continues, with a complete re-opening imminent,"said Diane Sydell, president of the 10,300-member Association. "There are not Aug Income-to-Loan Guide Single-Family Median Price Single-Family Homes MAY - San Femando Valley Minimum Income Needed to Qualily for a Loan $178,187 Mony uce Paymenta s00.000 Monthly Prop Tes Year-to-Year Percenta ge Change in Income Needed to Quality for a +22.9% sz Loan IN S in ENL o a S s034 sw n S N Total Monthl PITI enough properties list- ed for sale," she said, "and heavy pent-up demand for housing is pushing resale prices higher and higher every month." The median price -meaning half of the 497 homes sold for more and half for less-hit a record $945,000. That was up 26.0 percent from S S e s shortfall, pending es- Median Price $945,000 54,455 crows -a measure of future activity-to- taled 715, an increase San Fernando Valley - Condominium Closed Escrows $3,171 250 230 210 190 170 150 130 110 90 70 50 Loan Amount (80%) Interest Rate of 43.4 percent over May 2020. The Southland Regional Association of Realtorse sa local trade association with more than 10,300 members serving the San Fernando and Santa Clarita Valkys. SRAR s one of the $756,000 2.96% Monthly Mertange and teret Pment Source: Southtand Ragioral Assocution of REALTORSE "PITI eguals Monthiy oan principalinterest, pla taes &ineurance payments A minimum income of $178,187 was needed during May to qualify for a loan to buy the median-priced single-family home in the San Femando Valley. That assumes a 20 percent downpayment for a loan of $756,000 at 2.96 per- cent, which was the national average interest rate of loans issued in May. The monthly principal, interest, insurance, and property tax payment would come to $3,171. The income needed to qualify was 22.9 percent higher than a year ago. Jan Feb. March April May June uly Aug. Sept. Oct Nov. Dec -2021 148 160 227 210 174 2020 137 124 153 82 131 170 178 190 184 173 211 -2019 94 108 127 155 176 158 155 190 169 167 149 178 largest local associations in the nation 2018 146 125 167 163 188 188 159 188 126 136 133 130 THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS R www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORSe and subscribes to its strict Code of Ethies. ADVERTISING SUPPLEMENT Valley Median Home Price Hits Record $945,000 City Program Matches Renters With Owners of Accessory Dwelling Units Owners of properties with existing, permitted accessory dwell- ing units may be eligible to join a City of Los Angeles one-stop program designed to match screened renters with property owners interested in renting affordable units. The city's ADU Accelerator Program partners with homeowners to rent their accessory dwelling units to older adults facing housing insecurity. In exchange, homeowners receive benefits such as tenant screening, timely and competitive rent, and ongoing landlord support. Eligible homeown- ers undergo a screening process to assess land- lord fit and ADU qual- ity. Once accepted into the program, homeown- ers are matched with a qualified tenant who will pay a predetermined rental rate. Selected homeowners and tenants agree to participate in the program for five years. The program process was designed to ensure a safe, easy, and efficient experience for interested homeowners and renters. To be eligible for the L.A. ADU Accelerator Program homeowners must: Own a residential property in the City of Los Angeles, and Have an existing, legally permitted ADU with a Certificate of Oc- cupancy or be in the process of receiving a certificate of occupancy. The application process takes approximately three months from owner application submission to tenant move-in. Qualified tenant applicants undergo a rigorous screening and selection process before the city rec- ommends them to homeowners. Tenants pay 30 percent of their income towards rent with the remain- der subsidized by the City. The L.A. City program was one of nine cities selected as winners in 2018 of the Bloomberg Philanthropies U.S. Mayors Challenge. The or- ganization sought bold and creative ideas to confront complex challeng- es, with each winner awarded a $1 million grant to launch the initiatives. Go online to adu.lacity.org or email adue lacity.org with questions. Southiand Regonal Assooution of Reators Home and condominium sales during May were two and three times higher than a year ago when the pandemic hit, though a severe lack of inventory and high prices are limiting sales despite heavy buyer demand, the Southland Regional Association of Realtors reported Thursday. SOUTHLAND REGIONAL AssoCIATION OF REALTORS", INc. a year ago and blew past the prior record of $935,000 set in April. The condominium medium price for May was $530,000, up 18.4 sellers, yet high prices dimin- ish affordability and threaten the sustainability of the entire residen- tial market, said Tim Johnson, the Association's chief executive officer. "Let's hope owners will be more comfort- LA ADU Accelerator The 497 homes and 174 'Runaway home prices... Program condominiums that closed threaten the sustainability of May in the San the entire residential market' able, more willing to Fernando Valley were up 108.8 percent and 163.6 percent, respectively, escrow during sell, once the economy fully re-opens and the percent from a year ago but down 1.9 threat of the pandemic recedes. If percent from the record $540,000 set that happens, it may release some of this April. "Runaway home prices reward the pressure on prices and give fami- lies more homebuying options." At the end of May the Association re- Realtor Dlane Sydell, 2021 SRAR President compared to the record low 238 homes and SFV Total Active Listings - Combined Residential ported a total of 685 active listings for the entire San Fernando Valley. That was up from the record low of 620 listings reported in April, yet down 34.1 percent from a year ago. The 685 listings represented a mere 1.0-month supply at the current pace a sales, a woefully inad- equate number that prior to the pandemic had been in the 2- to 3-month range, which even then was considered too low. Despite the supply 66 condominiums that changed owners 12 months ago as the pandemic prompted safer-at-home orders and business shut- downs. "We're proud of how local Realtors responded a year ago in the face of adver- sity and pleased as the economic recovery continues, with a complete re-opening imminent,"said Diane Sydell, president of the 10,300-member Association. "There are not Aug Income-to-Loan Guide Single-Family Median Price Single-Family Homes MAY - San Femando Valley Minimum Income Needed to Qualily for a Loan $178,187 Mony uce Paymenta s00.000 Monthly Prop Tes Year-to-Year Percenta ge Change in Income Needed to Quality for a +22.9% sz Loan IN S in ENL o a S s034 sw n S N Total Monthl PITI enough properties list- ed for sale," she said, "and heavy pent-up demand for housing is pushing resale prices higher and higher every month." The median price -meaning half of the 497 homes sold for more and half for less-hit a record $945,000. That was up 26.0 percent from S S e s shortfall, pending es- Median Price $945,000 54,455 crows -a measure of future activity-to- taled 715, an increase San Fernando Valley - Condominium Closed Escrows $3,171 250 230 210 190 170 150 130 110 90 70 50 Loan Amount (80%) Interest Rate of 43.4 percent over May 2020. The Southland Regional Association of Realtorse sa local trade association with more than 10,300 members serving the San Fernando and Santa Clarita Valkys. SRAR s one of the $756,000 2.96% Monthly Mertange and teret Pment Source: Southtand Ragioral Assocution of REALTORSE "PITI eguals Monthiy oan principalinterest, pla taes &ineurance payments A minimum income of $178,187 was needed during May to qualify for a loan to buy the median-priced single-family home in the San Femando Valley. That assumes a 20 percent downpayment for a loan of $756,000 at 2.96 per- cent, which was the national average interest rate of loans issued in May. The monthly principal, interest, insurance, and property tax payment would come to $3,171. The income needed to qualify was 22.9 percent higher than a year ago. Jan Feb. March April May June uly Aug. Sept. Oct Nov. Dec -2021 148 160 227 210 174 2020 137 124 153 82 131 170 178 190 184 173 211 -2019 94 108 127 155 176 158 155 190 169 167 149 178 largest local associations in the nation 2018 146 125 167 163 188 188 159 188 126 136 133 130 THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS R www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORSe and subscribes to its strict Code of Ethies.