South Bay Home Prices Drop
The South Bay's real estate market had been relatively insulated from the worst of the region's downturn.
That changed in April and May, with single family home sales down 22.8 percent year over year in May, with an annual drop of 36.3 percent in April, according to the South Bay Association of Realtors, which released a housing report Friday.
The association's figures represented the South Bay, excluding the Palos Verdes Peninsual.
The median price of a single-family home sold in May was $675,000, down 6.6 percent over May of last year. In April, the median price dropped 10.6 percent, year over year, to $625,000, the association said.