IE Business Daily Business news for the Inland Empire.
June was another good month for home sales in Southern California.
Sales were up 8.5 percent month over month and 4.3 percent compared with June 2016, according to data released Tuesday by CoreLogic in Irvine.
A total of 25,515 new and used houses and condominiums were sold last month, up from 24,469 one year earlier.
That was the highest sales count for June since 2006, when 31,602 homes were sold, CoreLogic reported.
At the same time, median prices in Southern California – the Inland Empire plus Los Angeles, Orange, San Diego and Ventura counties – reached $500,000 last month. That was the highest median price since August 2007, when that number was also $500,000.
The Southern California housing market is performing well despite not enough houses being built, a factor that is becoming one of the market’s regular features.
“Despite a tight inventory, especially in the lower price ranges, Southern California managed to post its highest June home sales in 11 years,” Andrew LePage, research analyst with CoreLogic, said in a statement. ”This suggests the region is burning through its limited supply quickly, and without a surge in new inventory it might be difficult to hold the pace.”
In the Inland region, year-over-year sales were up 14.1 percent in San Bernardino County but rose only 1.7 percent in Riverside County. Median prices – $320,000 in San Bernardino County, $357,000 in Riverside County – represented 12.3 percent and 7.5 percent increases compared with one year earlier, according to CoreLogic.
