Home prices in the South Bay are increasing; however, the number of homes on the market remains low, according to a news release sent Monday from the South Bay Association of Realtors.
When comparing August 2012 with August 2013, the median price for condominiums and townhomes jumped about 40 percent, according to the association. The median price for a single-family home increased by nearly 22 percent.
"Meanwhile, the number of units sold—for both single-family homes and condominiums (and) townhomes—held steady with marginal decreases," according to the news release.
The number of homes for sale continued to remain low, according to the association, with the number of condominiums and townhomes for sale decreasing by nearly 25 percent year-over-year and the number of single-family homes for sale decreasing by about 15 percent.
"The South Bay housing market appears to echo market conditions elsewhere in California, where housing prices have jumped to historical highs," South Bay Association of Realtors president Sheri Fejeran said.
Last week, the California Association of Realtors reported that home prices in August reached levels "not seen in more than five years."
The South Bay Association of Realtors housing data covers the South Bay cities of Redondo Beach, Manhattan Beach, Hermosa Beach, Lawndale, Torrance, San Pedro, Wilmington, El Segundo, Carson, Harbor City, Hawthorne and Lomita. It does not include the Palos Verdes Peninsula.