A lack of supply drove San Fernando Valley median home prices in April to their highest level in five years. The median hit $460,000, the highest since April 2008. Just 1,117 homes were on the market last month, which amounts to a 1.1-month supply, according to the Southland Regional Association of Realtors, a Van Nuys trade group. “No doubt prices continue to surge higher due to years of pent-up demand and today’s limited inventory,” said Sharon Barron, president of the association, in a statement. Home prices in the Santa Clarita Valley declined slightly from the previous month. Prices fell 1.2 percent to $415,000, but that was still 10 percent higher than April of last year. Realtors in the area say that while they expect the buying frenzy to slow in coming months, it won’t really stabilize until more homeowners feel they can afford to sell. “We’re far from a normal market, which won’t appear until more current owners are above water and homebuyers are not pushed out by investors,” said Bob Khalsa, president of the trade association’s Santa Clarita Valley division, in a statement.
