San Fernando Valley home prices hit a record high in 2017
The median price of all single-family residences sold in the region last year was $643,783. That’s a 7.3 percent increase over a year earlier, and more than $30,000 higher than the previous record of $611,931, set in 2007—just prior to the Great Recession.
Price records were shattered across Los Angeles county last year, with the median price reaching $575,000 for three consecutive months, according to real estate data tracker CoreLogic. In the Valley, median home values were even higher, and may have been particularly affected by historically low inventory.
“Even with record prices, people clamor for housing more than ever,” says SRAR president Gary Washburn, “yet there simply are not enough homes listed for sale.” (excerpt from Curbed LA)