The median price of all local homes sold in October in the South Bay of Los Angeles- excluding the Palos Verdes Peninsula and Carson - was $519,500, up 0.9 percent from the same month a year earlier, according to a report released Wednesday by the Los Angeles-based California Association of Realtors.
The Palos Verdes Peninsula also saw an annual rise in October, up 0.5 percent to a median of $955,000.
The median home price for most of the other beach communities in the South Bay decreased over the prior year, but all appear to have stabilized. "The South Bay housing market appears relatively stable, despite ongoing reduced prices in some submarkets," said Sheri Fejeran, president of the South Bay Association of Realtors, in a statement. "Inventories are way down compared to last year, and properties for sale are spending less time on the market. Condominiums under contract are up significantly, suggesting a recent increase in sales activity."
"Home sales historically trail off during the fall and winter months as we move to the off-peak season for the housing market," CAR President and Manhattan Beach Realtor Steve Goddard said. "However, with affordable home prices, mortgage rates hovering around 5 percent, and the extension and expansion of the federal tax credit, we expect first-time and move-up home buyers to drive home sales through the end of this year and into early 2010."
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