More good news for Palos Verdes real estate! Southern California median home prices rose again for the fourth straight month as reported in the Los Angeles Times this week. “And although home values are still dropping in many neighborhoods, rising home sales and median prices are “all symptomatic of a bottoming out” and the worst days of the housing market are probably over, Leamer said.” (UCLA economist Edward Leamer)
For the Palos Verdes housing market, the month of August (as reported in my September 11 article) showed solid gains. For the second month in a row, the numbers shifted in the sales mix. Sales in our mid-range for single family homes in Palos Verdes ($1,000,000 to $2,000,000) increased to 62% while sales under $1,000,000 dropped to 29%. During the first six months of this year, the reverse was true. It is a good sign that sales in our mid range are returning to normal. To view statistics for Palos Verdes for the past 15 months, click here or on the “Statistics” tab above.
