Los Angeles: South Bay Real Estate Slows Down in April

The local housing market remained slow in April, as the real estate market continued its choppy recovery. Prices and inventories were down in the South Bay – excluding the Palos Verdes Peninsula and Inglewood.

The median price of a single- family home was $505,000 in April, a 14 percent drop from the same month a year ago, according to a report to be released today by the South Bay Association of Realtors. The median price is the middle figure where half of the homes sold for more and half for less.

The number of single-family homes was flat, with a 1 percent drop to 205 units. There were only 1,276 houses for sales last month, down 5 percent from a year earlier. “The slow pace of real estate sales in the South Bay appears to reflect the economic conditions in other sectors and other geographic areas,” Caren Greenwood, the association’s president, said in a statement.

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