IE Business Daily Business news for the Inland Empire.
April was definitely a seller’s month in the Southern California housing market.
The median price of a home in the five-county region reached $485,000 last month, up 6.2 percent compared with April 2016, Irvine-based CoreLogic reported.
Sales were another matter.
A total of 20,244 new and resale houses and condominiums were sold in Southern California during April, down 4.8 percent year-over-year. That was the lowest sales for the month of April since 2014, when 20,008 homes were sold, according to CoreLogic.
Those numbers are better than they might first appear, said Andrew LePage, research analyst with CoreLogic.
“At first glance, Southern California’s April 2017 home sales seem a bit underwhelming, especially after a strong start to the home buying season this March,” LePage said in a statement. “However, compared with this April, March 2017 had three more business days and April 2016 had one more business day on which deals could be recorded.
“When measured by the average number of transactions recorded daily, last month’s sales were roughly the same as in March 2017 and April 2016.”
In the Inland Empire, sales were unchanged in Riverside County and down 0.8 percent in San Bernardino County. Median home prices – $356,000 in Riverside County and $300,000 in San Bernardino County – were up 7.9 and 9.1 percent compared with April 2016, according to CoreLogic.
