South Bay home values continued to rise this summer but there is a change in the market mix. The increasing share of sales in more expensive beach cities (Manhattan Beach, Hermosa Beach, Redondo Beach), especially ocean front properties, nudge up the median South Bay home prices. In many areas prices are high enough to slow down overall sales because many potential buyers cannot qualify for loans despite lower mortgage rates. Distressed property sales (foreclosures, bank owned, short sales) are very low. Inventory levels are increasing in all markets. Median prices continue to rise but the pace of the increase has slowed down.
Here are median price and inventory charts for selected South Bay markets:
Here is the chart showing all Southern California real estate stats for August, broken down by county.
|Sales Volume||Median Price|
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