San Fernando Valley home prices continued to rise in April, with the median price gaining 11 percent to $519,000, according to a report by the Southland Regional Association of Realtors.
The year-over-year increase came as the number of properties on the market climbed 43 percent to 1,599. However, that only amounts to a slightly more than two-month supply, which is considered low.
However, the April median was less than 1 percent higher than March, prompting the association to conclude that the market may be cooling as prices continue to climb.
“Price increases are slowing down,” said Association President Roger Hance in a statement, adding the number of sales is up about 32 percent from last month. “Increased sales activity at this time of year are partly seasonal and partly because buyers realize that today’s pricing is the new reality.”
In the Santa Clarita Valley, median home prices jumped 17 percent from last April to $485,000. That price represented a rise of 5 percent from March.
Realtors in the northern L.A. County area say inventory rose 72 percent to 583 active listings, still only a two month supply but an improvement.
“Inventory is still tight, but rising resale prices have yielded a more balanced housing market where neither buyers nor sellers hold a particular advantage,” said Jim Link, chief executive of the regional association, in a statement.