The number of home and condo sales in the San Fernando Valley spiked higher during the month of August, the Southland Regional Association of Realtors reported today.

In the Santa Clarita Valley, home prices rose while condo sales fell.

Home sales in the San Fernando Valley increased 15.8 percent to 631 transactions in August. That represents the highest number of closings since October 2012. The median price was $650,000, a 4 percent increase from a year ago.

Condo sales in the Valley totaled 262 in August, an increase of 30.3 percent compared to a year ago. The median condominium price was $411,500, up 6.9 percent in the last year.

“Too many buyers chasing too few properties listed for sale clearly are driving the increases in resale prices.” Tim Johnson, the association’s chief executive, said in a statement. “The local increase in sales appears consistent with what’s happening statewide.”

In Santa Clarita, sales of existing single-family homes increased 7.4 percent in August, with prices rising 6.6 percent to $574,500. A total of 262 homes closed during the month.

In the condo market, Santa Clarita posted a 7.1 percent drop in sales to 91 transactions. The median condo price was $360,000, up 3.6 percent from a year ago.

“The regionwide lack of inventory impacted home and condo sales,” Marty Kovacks, chairman of the association’s Santa Clarita Valley Division, said in a statement. “Buyers ran out of condo options as earlier offerings in entry-level market ranges were gobbled up and home buyers competed against each other whenever a properly priced home hit the market. There’s little surprise any more whenever the laws of supply and demand kick into action.”