Home prices in Burbank rose again last month, continuing a trend where a dearth of homes for sale has created heated competition among buyers, according to the latest real estate report.
The median price for a single-family home climbed roughly 10%, from $544,500 in June 2012 to $598,750 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 $320,000 a year ago to $415,000 last month, an increase of roughly 29%.
Realtor Marion Goodman, a member of the Burbank Assn. of Realtors board, said that although prices were still rising last month, she's starting to see the market flatten out.
"There's a plateau that we've reached, and I hope it's just temporary," she said.
Goodman said a number of factors could be contributing to the market's leveling off, including first-time buyers who are taking a step back from buying aspirations because they have seen their offers rejected in favor of all-cash transactions.