San Fernando Valley home prices hitting new records with $722K median

SAN FERNANDO VALLEY, LOS ANGELES (KABC) -- A new report from the Southland Regional Association of Realtors found that the median sale price for a single-family home in the San Fernando Valley last month was $722,000.

That's nearly $15,000 more than the record set last year.

"I'm happy that I'm a property owner in the valley for many years," said Karen Tobin, a real estate agent with Rodeo Realty. "It's remarkable."

But as the cost of homes increases, the number of homes being sold is dropping.

In June, only 487 houses changed hands along with 158 condos. The Realtors association says that's the lowest number in June since it started tracking sales in 1984.

Tobin is convinced the sales numbers will pick up.

"People still get married, people still have children... families grow and grow out of their homes," Tobin said. "People are always going to be buying homes."