IE Business Daily Business news for the Inland Empire.
The Southern California housing market suffered another rough month in June, according to data.
Sales of new and existing houses and condominiums fell 8.8 percent year-over-year, from 22,804 in June 2018 to 20,790 last month, CoreLogic in Irvine reported.
That was the lowest total sales for the month of June since 2014, when 20,365 units changed hands. It also marked 11 consecutive months that home sales in Southern California have fallen year-over-year.
“Despite a healthy economic backdrop, the market was sluggish, suggesting many would-be buyers remained priced out or concerned about buying near a possible price peak,” said Andrew LePage, CoreLogic analyst, in a statement. “One caveat to June’s annual sales decline is there was one less business day this June for recording deals. If it weren’t for this, it’s likely the sales drop would have been around five percent.”
The median home price in Southern California last month was a record $541,250, up from 1.2 percent year in June of last year.
In the Inland Empire, year-over-year sales were down four percent in Riverside County and 11.4 percent in San Bernardino County.
Median prices – $399,000 in Riverside County, $340,000 in San Bernardino County – were increases of 5.3 percent and 1.5 percent, respectively, from June 2018, according to CoreLogic.
