Home Price Index 90278You may be familiar with the concept of HPI or house price index which is a broad measure of the movement of single-family house prices. The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinance on the same properties.
The Ellis Posner Home Price Index takes a different measure and looks at movement of the top and bottom 10% of the market over time irrespective of whether the subject property is a townhome, condo or Single Family House.
The North Redondo Beach the median price YTD has been $850,500. During October that median was $878,000 and the average sales price was 929,236. Both show very healthy increases.
Price Activity Top 10%
Let's look at the activity in the top 10% of sales YTD and for the month of October.
The 4 highest priced sales were:
1921 Speyer Lane $1,370,000
1744 Carver Lane $1,512,500
1746 Carver Lane $1,525,000
2321 Ralston Lane $1,685,000
The average of these top 4 sales is $1,523,125.
For the prior month the average of the 4 top sales was $1,437,250 with the highest sale being $1,690,000. So the month to month trend line is up. It is also up substantially year over year from $1,357,750 in October of 2015. That's about a 12% gain.
Price Activity Bottom 10%
Let's look at the activity in the bottom 10% of sales YTD and for the month. (For the purpose of this analysis we removed any age restricted housing units).
The 4 lowest priced sales were:
2416 Graham #1 $530,000
2520 Graham #4 $580,000
2613 Ruhland #B $586,000
1306 Firmona $675,000
The average of bottom the 4 sales is $592,750. For the prior month it was $568,075. For the prior year the average was $568,300. That is showing less movement, slightly over 4% year over year and based on last month not much movement at all in the entry level properties.