The price of single-family homes sold in the San Fernando Valley may have reached a record high in March, according to the Southland Regional Association of Realtors Inc.

Homes sold last month for a median price of $671,500, a more than 13 percent gain from a year ago, the real estate broker trade group said. It attributes the rise to the continued low inventory. Sales volume increased less than 2 percent from a year ago.

Condominium sales dropped by 3 percent in March while median prices rose 3 percent to $395,000.

Compared to a year ago, the inventory of homes on the market is down nearly 13 percent, the association said.

Buyers in Santa Clarita preferred condominiums over single-family homes last month.

Sales activity rose about 45 percent, while the median price was up 5 percent to $345,000.

The median price of single-family homes in Santa Clarita had a smaller increase of 3 percent to $535,000. Sales volume was flat from a year ago.

Inventory of homes for sale sank 19 percent in a year-over-year comparison.