The median price of a home in the San Fernando Valley hit $728,000 in August, up 2.8% from a year ago.

While the number was up year to year, it was down from a record all-time high of July, when home prices in the 818 hit $735,000, according to the Southland Regional Association of Realtors, which tracks local home and condo prices.

Condominium prices, however, did reach their all-time high, ending the month at a median of $455,000, tying a record hit in June, according to the association. That price was up 1.3% from a year ago, fueled by a rush for something more affordable.

That rush was helped by low interest rates, which lowers the cost of a loan. But the lower rates are a double-edge sword, said Tim Johnson, the association’s chief executive officer.

“They help lower the cost of a home loan for buyers, giving them added buying power, but also support today’s high prices, which make housing unaffordable to large numbers of prospective buyers while keeping inventory low,” Johnson said in a news release accompanying the numbers.

Even with the added buying power, though, the association noted that under its “Income-to-Loan Guide” a buyer would need an income of $145,731 to qualify for a loan for a median price home in the Valley.