The buyer of a median-priced South Bay home in March of last year could have saved $125,750 simply by waiting 12 months to make a purchase, according to data from a report released Monday.
The median price of all homes sold in the South Bay last month was $499,250, down 20.1 percent compared to a year earlier, the Los Angeles-based California Association of Realtors said.
The median price represents the middle figure where half of homes sold for more and half for less.
The South Bay median did not fall nearly as much as that of Los Angeles County, which saw a 33.2 percent decline to $300,000.
For the South Bay, the 20.1 percent drop in median price for March was more dramatic than the February year-over-year decline of 13.5 percent.
The area's median price for March was down 30.6 percent from the peak of August 2007. That averages out to a drop of $11,600 a month.
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