Rising condominium prices in the San Fernando Valley outpaced those of single-family homes in July, according to the Southland Regional Association of Realtors Inc.
Median prices for Valley condominiums rose a startling 13.4 percent to $397,000 last month, while single-family home prices grew only 3.8 percent to $623,000.
Realtor-assisted deals fell just over 10 percent to 542 total transactions. Despite the sharp price incline, condominium sale activity shot up 10.5 percent over the month.
The number of properties on the market dropped 7.3 percent to 1,720.
In the Santa Clarita Valley, prices for homes and condominiums also rose. Median home prices there climbed 9.9 percent to $560,000 from a year ago in July, while condominium prices tipped up only 0.3 percent to $331,000.
Buyers are showing they’ve reached their limits in terms of rising prices, said M. Dean Vincent, president of the Santa Clarita division of the association, and as a result, activity is slowing.
“There’s still plenty of demand out there and the local economy is improved,” Vincent said. “But low housing affordability and reduced buying power of homebuyers has put a cap on how fast the median price can increase.”