IE Business Daily Business news for the Inland Empire.
Single-family home sales rose in July for the second straight month, although the total number of houses sold once again fell below 400,000.
A total of 398,940 homes were sold statewide last month, up 1.2 percent compared with June but down 10 percent compared with July 2013, according to data released Tuesday by the California Association of Realtors.
That was the strongest sales month since last October, but it was also the ninth consecutive month that home sales failed to top 400,000. It also marked one year of sales declining year over year, the association stated.
One reason for the uneven sales is that prices continue to go up. The median home price statewide last month was $464,750, up 1.6 percent compared with June and up 7.1 percent year over year.
In the Inland Empire – data that combines sales in Riverside and San Bernardino counties – the median price of a detached, single-family home last month was $275,990, down a minor 1.1 percent from June but up 10.2 percent compared with one year ago.
