IE Business Daily Business news for the Inland Empire.
Home sales and prices in Southern California moved in opposite directions last month.
The median price of a single-family home last month was $415,000, an eight-percent year-over-year increase and the highest median price in 77 months, according to DataQuick in La Jolla.
While prices soared, sales in the six-county region dropped 4.4 percent compared with June 2013, the weakest June numbers in three years, according to DataQuick, a real estate information service that releases monthly data on the Southern California housing market.
On average, sales have increased 6.4 percent between May and June since 1988, the year DataQuick began tracking the real estate market in Southern California: the Inland Empire plus Los Angeles, Orange, San Diego and Ventura counties.
Job growth, built-up demand and mortgage rates that remain low are all putting pressure on home prices, but the market is still returning to where it was before the recession, said Andrew LePage, DataQuick analyst.
“Many of the market indicators we track continue to ease toward normalcy,” LePage said in a statement.
As it often does, the Inland region mirrored the Southern California market.
Sales were down 2.4 percent in Riverside County and 0.20 percent in San Bernardino County last month, while median prices – $300,000 in Riverside County and $240,000 in San Bernardino County – were up 11.4 percent and 17.6 percent respectively compared with June 2013, DataQuick found.
