The San Fernando Valley north of Los Angeles fell out of favor with home buyers prior to an even before the housing crash of 2007. It appears to be back, according to the Daily News:
The median price of a single-family home in the San Fernando Valley surged 11.3 percent in May from a year earlier, rising to a record $708,000, according to a report from the Southland Regional Association of Realtors.
The media price of condominiums that changed owners in May was $420,000, a 0.2 percent increase from a year ago, the report said. Home prices keep climbing above what many home shoppers are able to afford, the report said.
“The record home price is consistent with the overall statewide trend,” said Tim Johnson, the association’s chief executive officer, in a statement. “Let’s hope the increase in listings is a sign that prices in the second half of the year may increase more slowly or even stabilize slightly, especially when you consider that rates will likely be higher and affect what buyers can afford.”
Meanwhile, home inventory rose year-to year for the first time in about three years, the report said.