IE Business Daily Business news for the Inland Empire.
Southern California’s median home price was flat in August, and sales of single-family homes and condominiums were down slightly year-over-over, according to data released Wednesday.
Last month, the median home price in the six-county region – the Inland Empire plus Los Angeles, Orange, San Diego and Ventura counties – was $535,000, the same as it was in August 2018, Irvine-based CoreLogic reported.
Sales were down 1.2 percent during that time, the seventh time this year sales have fallen year-over-year. Only July, which recorded a 3.7 percent increase, countered that trend.
“Although home sales in August fell slightly year over year, the recent drop in mortgage rates likely helped temper that decline,” said Andrew LePage, a CoreLogic analyst, in a statement. “From March through August this year, when mortgage rates trended lower, home sales fell about four percent compared with that same six-month period last year.”
Sales were up 6.7 percent in Riverside County but were down 2.5 percent in San Bernardino County compared with August 2018.
Median prices – $390,000 in Riverside County, $346,000 in San Bernardino County – were up 2.6 percent and 5.3 percent respectively, year-over-year, CoreLogic reported.
