Palos Verdes Home Prices Rise in July
October 29, 2009 by · Leave a Comment
The South Bay housing market is becoming more stable by the month as analysts forecast that an end to the recession may be in sight. Evidence of this can be found on the peninsula where two cities, Palos Verdes Estates and Rancho Palos Verdes, were listed among the 10 California cities with the highest median home prices.
Palos Verdes Estates came in with a median home price of $1.13 million in July, while Rancho Palos Verdes boasted a median of $945,000. According to the California Association of Realtors, sales of detached, single-family homes throughout the state increased 8.1% since June.
Rancho Palos Verdes is one city that has showed significant growth. It closed at least 30 home sales in July – a feat that is difficult for a city with only 41,400 residents to achieve in a down economy.