Home prices keep rising in the San Fernando Valley.
The median price for a home hit a record $700,000 in February, according to a report by the Southland Regional Association of Realtors, which Curbed first reported.
That price is more than 15 percent higher than the same time last year. It’s also $25,000 higher than the record set in November 2017, according to Curbed..
Low inventory could be to blame for the high prices.
The realtor’s association counted 958 homes on the market in February. It also found there were fewer homes for sale in a three-month period than it had ever seen since it began tracking the market three decades ago. Concerns over expected hikes in interest rates could also be driving buyers to lock in low rates, experts have said.
The Valley isn’t the only place where median prices are hitting record highs in Los Angeles County. The median price across Southern California rose 8.6 percent in November compared the same period the year before, matching the all-time high of $505,000 only seen twice before.
Some segments of the SoCal market are cooling though, namely the luxury market. The median sales price for a luxury home in the fourth quarter of 2017 was down 17 percent, to $8.9 million, compared to the same period the year before. [Curbed] – Dennis Lynch