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Home prices in the Valley spike to record highs despite surge in inventory
The median home price in May was $708,000
The price of a single-family home in the San Fernando Valley grew 11.3 percent year-over-year in May to $708,000, reflecting a trend of increasing unaffordability in all pockets of Los Angeles County.
The San Fernando Valley was once heralded as the affordable alternative to the more expensive Westside cities and the city of Los Angeles. Its recent growth, however, is on par with what has been happening in the rest of the state.
A report from the Southland Regional Association of Realtors found that home inventory rose in the Valley for the first time in three years, the Daily News reported. As of May, there were over 1,300 active listings. That represents a 6.3 percent hike from last year.
In February, the realtor’s association counted 958 homes on the market. 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.
The median price of condominiums that sold in May also grew to $420,000, according to the study.
According to a new survey by real estate data firm LendingTree, L.A. ranks third in the nation for the highest-share of million-dollar homes. Over 17 percent of they city’s housing stock is valued over $1 million, followed by two other California cities, San Jose and San Francisco. [DN] — Natalie Hoberman