Home Prices Up 63%
The average price of a single-family home in Playa del Rey rose 63% in 1988 to $603,000, the sharpest percentage of increase for any Westside community, according to sales reported through multiple listing services.
In at least 10 Westside areas, the price jumped more than $100,000, and in several other communities, it leaped more than $200,000.
The average sale price of single-family homes in Beverly Hills and Bel-Air topped $1 million, and Brentwood is expected to join the list next year, with Malibu and Pacific Palisades following.
Industry experts attribute the buying frenzy to an imbalance between supply and demand
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