South Bay Housing Market Rising

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The real estate market in the South Bay ended 2012 optimistically, with a rise in sales and median price of single-family homes and condos. according to the South Bay Association of Realtors sales of single-family homes in the area reached 245 transactions last month, a 16 percent rise compared with the same period a year earlier. The median price rose 8.7 percent to $500,000, up from a year earlier. Sales of condos and town homes were also strong, with 123 units changing hands, up 11 percent from a year ago. The median condo prices were up 18 percent to $395,000. Inventory was down 75 percent to 1.1 months worth of homes, compared with 4.4 months a year earlier. The report covers the South Bay, excluding the Palos Verdes Peninsula and Inglewood.