Prices for condominiums in the San Fernando Valley broke records again in June, the second month in a row, according to the Southland Regional Association of Realtors.
The median price hit $420,000, 15 percent higher than a year ago. Still, 257 condominiums sold during the month, a 27 percent increase over a year ago.
Single-family homes are too expensive for many potential buyers and the prices are driving them toward condominiums, according to the association. The median price for the 594 homes that sold last month reached $640,000, an increase of nearly 7 percent from a year ago.
The supply of all types of homes for sale fell 20 percent compared to a year ago, the association said, because many homeowners can’t find a home to move to. There’s currently a 1.6-month supply of listings.
In Santa Clarita Valley, more single-family homes sold in June than any other month since September of 2005, the association said.
The 307 dwellings that sold last month represented a nearly 16 percent jump in volume compared to a year ago. The median price climbed about 2 percent to $586,000.
Condominiums’ median price grew almost 9 percent to $370,000, the association said.
Between the two types of residential dwellings, the area’s for-sale inventory fell over the year by 12 percent, leaving the market with a 1.2-month supply.