The median sale prices for single-family homes and condominiums continued to rise last month and the number of homes for sale rose again, though slightly, compared to last year, according to the latest real estate report.
The median price of a home ticked up from $715,000 in July 2013 to $725,000 last month, according to statistics compiled by Realtor Keith Sorem with Keller Williams Realty in Glendale.
The median price of a condo saw more of a boost, climbing to $385,000 last month, from $328,000 the same time last year.
There were 109 homes for sale last month, a roughly 6% increase from 103 in July 2013, while the number of condos on the market rose from 51 in July 2013 to 64 last month, an approximately 25% jump.
However, the number of homes sold declined slightly to 51 last month, down from 57 last year. The number of condos sold rose almost 19%, from 37 in July 2013 to 44 last month.
Anne McDonald, a Realtor with Hall & Chambers Real Estate in Glendale, said properties that are "listed at the right price" are still seeing multiple offers, while prices are being reduced more often on homes that may be overpriced for the market and have not sold for several months.
"If we have a choice, we always prefer to go with the right price," she said, adding that homes that are very desirable are also attracting multiple offers, sometimes even higher than the appraised price.
Prices are also being reduced more often on "unique" homes, which may not have a yard or have small bedrooms, McDonald said.
And as more homes go up for sale, it's having a calming effect on the market. "As inventory rises, prices are stabilizing," McDonald said. "We're seeing more of a healthy market."
However, in La Crescenta, the median price for a single-family home skyrocketed by $146,000 last month compared to July 2013, though that dramatic increase appears to be an anomaly, according to Sorem.
The median price of a home increased from $613,000 in July 2013 to $759,000 last month.
He said the two months probably saw pricing extremes, with more higher-end homes selling this past July, and an abundance of more moderately priced homes selling a year ago.
However, Sorem added that the market may see these unusual jumps again in the coming months.
The median price of a condo in La Crescenta rose by $29,000, going from $390,000 in July 2013 to $419,000 last month.
There were 62 homes for sale last month, up from 56 a year ago, while the number of condos on the market remained steady at 10 during both months.
The number of homes sold rose from 29 in July 2013 to 33 last month, and condos that had closing transactions increased from six to 13 in a year-to-year comparison.
In La Cañada, the median price of a home declined slightly to $1.28 million last month, from $1.3 million a year ago.
The number of homes for sale also slid from 65 in July 2013 to 46 last month, while the number of homes sold increased from 30 in July 2013 to 38 last month.