San Fernando Valley median house price edges closer to $600,000

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The median house price in the San Fernando Valley neared the $600,000 level again in March, even as sales fell from a year ago as low inventory continued to be a drag on the market, a trade group said Thursday.

Last month, the median price of a previously owned house rose from $536,500 a year ago to $592,900, a gain of $56,408, said the Van Nuys-base Southland Regional Association of Realtors. The median price increased $31,900 from February.

The median hit $600,000 last July and has been under that level since then. The record is $655,000, which was set in June of 2007, just before the housing market crashed.

Sales last month fell 12.5 percent from a year ago to 470 transactions, the association said, but they soared 46 percent from the prior month.

A big month-to-month gain is typical because March is the start of the buying season.

Both sales and prices rose in the condominium market during March.

Last month, sales of previously-owned condominiums increased 13 percent from a year earlier to 180 units and were up 40 percent from February.

The median condominium price rose 14 percent from a year ago to $382,000, and it gained $2,000 from February.

But inventory took a hit, which impacted the home resale sector.



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