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South Bay Digs • July 31, 2015

The Hollywood Riviera and Redondo Beach areas have experienced solid median sale price gains over the last four years, with South Redondo Beach leading the way with a 46.58% price increase since 2011. The local housing market remains strong with little headwinds, although the second half of the year will tell the real story.

The U.S. homeownership rate dropped to 63.4% in the second quarter of 2015, marking the lowest homeownership rate since 1967, according to the U.S. Census. U.S. homeownership peaked at the end of 2004 at 69.2% when the housing market was in mid-boom. The 50-year average homeownership rate is 65.3%.

In other national housing news, the recently released National Case-Shiller Price Index recorded a 4.4% annual increase in May 2015 versus a 4.3% increase in April 2015. “As home prices continue rising, they are sending more upbeat signals than other housing market indicators,” stated David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.

“Nationally, single family home price increases have settled into a steady 4-5% annual pace following the double-digit bubbly pattern of 2013. Over the next two years or so, the rate of home price increases is more likely to slow than to accelerate. Prices are increasing about twice as fast as inflation or wages.”

What’s happening in the local housing market? Check out the chart below to see the median sales prices for single-family homes in the Beach Cities and Palos Verdes Peninsula over the last four years and go to page 100 for a more in-depth look at current active / closed sales dates for the entire South Bay in 2015.

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