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State O' the Market

Even though the number of homes for sale in the Valley doubled in March, the region still wasn't much better off than the rest of Los Angeles and sales remained slow as prices crept up. The median price was up 20 percent over last year, to $515,000, and the number of sales was down 17 percent over last year, to 414 total. Now that all the "distressed" properties (the bargains) have been picked off, "we're in a holding pattern, waiting for buyers to accept that they cannot get bargain-basement prices and for sellers to understand there is a clear limit on their asking prices," the CEO of the Southland Regional Association of Realtors says. [LADN, previously]