Home prices in Burbank continued to surge last month, with sharp price increases since February as a severely limited number of homes for sale has created fierce competition among buyers, according to the latest real estate report.
The median price for a single-family home rose roughly 19% from $502,500 in April 2012 to $600,000 last month, according to statistics compiled by Realtor Eric Benz with Dilbeck Real Estate in Burbank.
The median price for a condominium also increased, from $317,000 a year ago to $350,000 last month, a 10% increase.
Realtor Bryan Ochse, owner of Media West Realty in Burbank, said that prices are jumping dramatically because of the record-low housing inventory. It's gotten to the point where sellers are asking buyers to waive appraisals because quotes from appraisers aren't keeping up with overall selling prices, Ochse said.