IE Business Daily Business news for the Inland Empire.
Home sales in Southern California increased 5.2 percent last month compared with May 2016, as home prices in the region reached their highest point in nearly 10 years, according to data released Wednesday.
The median price of a home in Southern California last month was $492,000, the highest it’s been since August 2007, when the median price in the five-county market reached $500,000, Irvine-based CoreLogic reported in its monthly analysis of the region’s housing market.
That was a year-over-year increase of 7.1 percent.
“Healthy demand continues to meet a relatively low inventory of homes for sale, helping to nudge prices higher,” said Andrew LePage, research analyst with CoreLogic, in a statement.
“Last month’s Southern California median sale price rose to within three percentage points of its all-time high, but in inflation-adjusted terms it remains 15 percent below the peak reached a decade ago – a peak made possible by a lot of very risky home loans.”
In the Inland Empire, year-over-year sales were up nine percent in Riverside and 9.4 percent in San Bernardino last month. Median prices – $356,000 in Riverside County, $310,000 in San Bernardino County – represented a 7.9 percent and an 8.8 percent increase compared with May 2016, CoreLogic reported.
