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Home Prices Continue to Rise in South Bay Cities

The average price of a single-family home in the South Bay increased by 15.6 percent to $718,798 from $621,740 in November 2012.

Home prices in South Bay cities continued to climb in November amid a low inventory, the South Bay Association of Realtors reported Tuesday.

The average price of a single-family home increased 15.6 percent to $718,798 from $621,740 in November 2012. The average price of a condominium or townhome rose 21.4 percent to $569,972 from $469,413.

The number of single-family homes for sale showed little change, while the number of condominiums and townhomes for sale decreased 4.3 percent.

"The demand for new homes by qualified buyers in our area may be contributing to the increase in home prices," said Sheri Fejeran, president of the Realtors association.

"We hope that greater inventories emerge in 2014 in order to help more qualified families buy their new home."

The report covers the cities of Carson, El Segundo, Gardena, Harbor City, Hawthorne, Hermosa Beach, Lawndale, Lomita, Manhattan Beach, Redondo Beach, San Pedro, Torrance and Wilmington.

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