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Valley Real Estate Market Mania

Who the hell knows what’s happening to the real estate market around here? Sales are down, prices are up, foreclosures are up, prices are down, sales are up. This market is really schizo. The latest installment in the L.A. Real Estate Market Saga is that prices in The Valley are at an all time high. No more American Dream for those looking to live in The Valley: the average home there now costs a very affordable $615,000.

During the past 12 months, the median price of a single-family home increased $90,000, or 17.1 percent, despite the industry mantra that price appreciation is going to moderate, the association said. The median price increased $24,000, or 4.1 percent, from February.

Yet the inventory of homes is increasing. The swelling inventory, up an annual 124.9 percent for houses and 212.1 percent for condominiums, seems to support that view [that the market is balanced]. For the entire market, inventory soared an annual 143 percent last month, to 4,722 properties. And condo prices are decreasing. In the smaller condominium market, sales fell an annual 26.8 percent, to 361 transactions, and the median price gained 13.4 percent annually, to $399,000. That's 3.9 percent, or $16,000, under February's record of $415,000. WTF?
· Housing Prices Set New Mark in Valley [Daily News]