South Bay Home Prices Still Rising

South Bay housing prices continued to climb in June, according to new statistics released by the South Bay Association of Realtors. The average prices of a single-family home in the South Bay increased 7.1 percent while the average price for a condominium or townhome jumped more than 29 percent, compared to one year ago. In June, the average price of a single-family home in the South Bay rose to $706,797 compared to an average price of $660,084 in June 2012. The average price for a condo or townhome in the area currently sits at $577,405 compared to $446,784 one year ago. Even though the report indicates that home inventory is in short supply which is helping increase housing prices, the South Bay housing market appears to be more stable than it was at this time last year. Data for June 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.