Low inventories and interest rates, coupled with high demand, pushed up San Fernando Valley home sales by 28.5% and median home prices by 12.1% over the same period last year, according to a real estate report released Monday.
With 861 sold in February, single-family homes sales dropped 4.7% from 903 the month before but were well ahead of 670 in February 2001, the Southland Regional Assn. of Realtors report said.
Local industry analysts attributed the month-over-month decline to the traditional seasonal autumn-winter housing slowdown. They predicted that the shortage in available housing would continue to push up prices.
"We don't see any drastic changes in the inventory in the foreseeable, short-term future," said Jim Link, executive vice president of the association.