San Fernando Valley home prices continued their upward trajectory in January, with the median price gaining more than 15 percent to $485,000, according to a report released on Wednesday. The year-over-year increase came as the number of properties on the market climbed nearly 18 percent to 1,297, up from 1,025 a year earlier, according to the Southland Regional Association of Realtors. Perhaps most notably, the report said, is the decline in distressed-asset investors. In January, traditional buyers accounted for 84 percent of sales, compared to 65 percent a year ago. Still, the number of listed homes represented about a two-and-a-half-month supply – low by historical standards – as 349 homes closed escrow during the month. “The market will adapt as buyers and sellers come to grips with an extremely low inventory, reduced affordability and tighter loan qualification standards,” said Jim Link, chief executive officer of the Van Nuys trade group, in a statement. In the Santa Clarita Valley, median home prices jumped more than 20 percent from last year to $432,900, though that was slightly down from December. Realtors in the northern L.A. County area say restricted inventory and rising prices had a strong impact on sales. “Today’s market is dramatically different from even mid-2013,” said Nancy Starczyk, president of the Santa Clarita Valley Division of the Realtors association. “There are only seven homes currently listed that are priced under $350,000. Buyers will find more condos and townhomes for sale, yet the total inventory is pretty bare bones,” she added.