San Fernando Valley Home Prices Hit All-Time High

SAN FERNANDO VALLEY (CBSLA) — San Fernando Valley homes sold for record high prices in June.

The median price of single family homes was $722,000 -- nearly $15,000 higher than the previous record of $708,000 set last year, and a far cry from the $339,000 median price recorded in December 2011, the low point of local prices since the Great Recession.

Condominium prices also smashed a record, reaching an all-time high of $455,000 during the month. Ten years ago, the median price for condos was as low as $185,000.

The record highs occurred even as sales slowed largely because of a limited inventory, according to the Southland Regional Association of Realtors.

"Low interest rates on home loans translated into greater buying power, which kept more prospective buyers in the hunt for a home," said Southland Regional Association of Realtors President Dan Tresierras, "Yet that wound up pushing resale prices higher as inventory, while showing some improvement compared to a year ago, has seen smaller gains since peaking earlier this year."