IE Business Daily Business news for the Inland Empire.
Single-family home sales in Southern California rose 18.1 percent in June compared with one year earlier, according to data released Thursday.
Sales have now been up year-over-year for five consecutive months, the longest stretch of year-over-year gains since the first half of 2013, stated DataQuick’s monthly report on the Southern California housing industry.
Nearly 24,400 new and existing homes were sold in Southern California last month, the most sold during that month in nine years.
Still, sales for June were 9.6 percent below the average for the month June – 26,972 – dating back to 1988, when the monthly housing report was started.
The median price of a single-family home in Southern California last month was $442,000, a 5.7 percent increase compared with June 2014 and the highest that number has been since October 2007.
“California’s home sales were the highest since summer 2006 – the tail end of the last housing boom – and sales haven’t risen this sharply on a year-over-year basis in nearly three years,” said Andrew LePage, research analyst with CoreLogic. “Continued job growth, low mortgage rates, more confident consumers and other factors have put more wind in the housing market’s sails.”
In the Inland Empire last month, home sales were up 17.6 percent in Riverside County and 17.9 percent in San Bernardino County compared with last June.
The median price of home last month in Riverside County was $315,000, in San Bernardino County $268,750. Those were year-over-year increases of 5.5 percent and 12 percent respectively, according to CoreLogic.
