Realtors: Home Sales Low, New Construction Needed in Sherman Oaks?

If you’re in the market for a house, you’re probably here at the wrong time, said the National Association of Realtors announced earlier this week.

Pending home sales remained flat in February due to lack of inventory.

Sherman Oaks has 172 homes for sale with 5 open houses. The average listing price for a home is $1.08 million and the median sales price is $567,500 according to Trulia.com.

“Only new home construction can genuinely help relieve the inventory shortage,” said Lawrence Yun, NAR chief economist, in a statement.

New single-family home construction in February was up 0.5 percent from the previous month, according to U.S. Census data.

See the chart attached in the photo gallery.