In May, the median cost of a single-family home in San Fernando Valley hit a new all-time high of $708,000, according to Southland Regional Association of Realtors. That represents a month-over-month hike of 1.6 percent and an increase of 11 percent more than in May 2017.
Despite an increase in mortgage interest rates, the Valley’s home market remained inflated as supply lags, according to Southland Regional Association of Realtors President Gary Washburn. “Home prices keep climbing above what many home shoppers are able to afford,” Washburn said in a statement.
With some Valley buyers priced out of the market, the number of home sales in May declined more than 10 percent since the year prior.
Meanwhile, local condominium prices remained flat due to Valley buyers preferring houses over condos, according to the association.