California Home Sales Plunge in January
California home sales dropped 29.8% in January compared with the same month last year, the California Asssociation of Realtors said today.
Meanwhile, the median price of an existing single-family detached home in California fell 21.9% to $430,370. It's also a 9.7% drop compared to December 2007.
The South Bay's median home price for all homes rose 0.4% to $612,500 in January, compared to a year earlier.
Redondo Beach made the top 10 highest prices communities in January at $800,100, up 11.1% year over year. That's mostly because many pricier area like Manhattan Beach or various cities on the PV Peninsula didn't sell enough homes in January to register in the report. Furthermore, a sharp rise like 11.1% for a city can often mean that more high-end homes sold than usual thereby skewing the median.
Torrance's median home price fell 1.3 % to $575,000.
LA County saw a median price drop of 12.4% for all homes to $460,000.