The Southland Regional Association of Realtors reported Friday that realtors helped close escrow on 215 single-family home sales and 90 condominiums throughout the Santa Clarita Valley during the month of July.

The number of homes that closed escrow was down 3.2 percent from a year ago and off 22.7 percent from June of this year, which was the highest monthly total for any month so far in 2018 with 278 home sales, according to the report.

Both drops were influenced by seasonal factors, as well as affordability and a lack of inventory for homes listed for sale, according to officials.

The number of condominiums that closed escrow was down 31.8 percent compared to July of last year, the highest for any month since 2005, and off 12.6 percent from June of 2018.

The median price of homes that closed escrow during July was $600,000, a 2.6 percent increase from a year ago, but a 1.6 percent decrease from this June’s $610,000 median.

All records in Santa Clarita that were set in the boom of the last decade have fallen, with the exception of the home median price, according to officials.

“Price points are getting so high regionwide that affordability may be key when it comes to slow sales, perhaps even more so than a lack of inventory,” said M. Dean Vincent, chairman of the Santa Clarita Valley Division of the Southland Regional Association of Realtors. “As prices move higher, some homeowners may decide that now is an opportune time to sell. Current economic trends—rising interest rates along with a short inventory—may prompt a decision.”

Condominiums that changed owners in Santa Clarita during July had a median price of $379,000. That was up 5.9 percent from a year ago, but 7.6 percent below the record-high $410,000 condo median established this April.

“Prices are up, because inventory is low and housing production is minuscule compared to what is needed to establish and maintain a healthy and affordable housing market,” said Tim Johnson, the association’s chief executive officer. “No doubt, tenants struggle to pay premium rents, yet any movement toward rent control will only make the situation worse.”

There were 672 active listings at the end of July. That was up 29.2 percent from a year ago, representing slightly more than a two-month supply at the current pace of sales.

It also was the second consecutive monthly increase in the inventory after three and a half years of consecutive monthly declines, with only a few positive numbers in the mix, according to officials.

The 672 listings posted in July represented the highest monthly tally since 2015, despite being short of the record-high active listing total of 2,630 reported in September 2006.

By the end of July, there were 308 pending escrows, a measure of future sales activity, which was down 16.8 percent from a year ago.

There were also zero condominium short sales or foreclosure-related transactions during July, and only one in each category for single-family homes. That means that 98.7 percent of the combined residential sales of 305 transactions were standard sales involving traditional buyers and sellers, officials said.

The Southland Regional Association of Realtors is a local trade association with more than 10,300 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.

Ed. Note: This information was provided to KHTS by the Southland Regional Association of Realtors.

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