Real Estate

Housing Prices Continue to Rise in the South Bay

The average price for a single-family home in the South Bay rises nearly 18 percent in May.

Housing prices in the South Bay of Los Angeles continued to rise in May, according to new statistics released by the South Bay Association of Realtors.

According to the organization, the average price of a single-family home in the South Bay rose 17.9 percent in May while the average price for a condominium or townhome rose more than 23 percent compared to one year ago.

“The housing market is heating up just in time for summer," SBAOR President Sheri Fejeran said in a release. "However, we have barely more than one month’s supply of homes for sale on the market right now."

The average price for a single family home in the South Bay now stands at $732,235 compared to $621,026 in May 2012. The average price of a condominium or townhome now averages $536,968 compared to $433,632 one year ago.

The realtors association said the the summer home buying season has helped increase the price of homes in the area and has also decreased available inventory.

Data for May was compiled by the SBAOR using the California Regional Multiple Listing Service, Inc. (CRMLS). Cities surveyed included Carson, El Segundo, Gardena, Harbor City, Hawthorne, Hermosa Beach, Lawndale, Lomita, Manhattan Beach, Redondo Beach, San Pedro, Torrance, and Wilmington.


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