Home Prices Rise Again

Housing inventory continues to tighten in the San Fernando and Santa Clarita valleys, causing prices to rise again in April, according to the Southland Regional Association of Realtors Inc. San Fernando Valley single-family home prices increased 3.3 percent last month to $630,000. While high, the amount has fallen from the record-breaking $671,500 median price in March. The number of single-family homes sold dropped 7.4 percent from a year ago. Median prices for condominiums soared 8.6 percent last month to reach $390,000, and the volume of units sold also rose by 1.8 percent. In the Santa Clarita Valley, condominium sales have suffered mostly from lack of inventory, according to the association. Only 81 condominiums sold in April, down 31.4 percent from a year ago. The median price was $365,000. Single-family home sale activity also dropped by 9.4 percent, although prices were up 3.1 percent from a year ago to $555,000.