IE Business Daily Business news for the Inland Empire.
Home sales in Southern California rose 24.1 percent in November year-over-year, but that increase isn’t as impressive at it might appear.
Artificially week sales in November 2015 accounted for much of that increase, which was the highest recorded in the month of November since 2012, said Andrew LePage, research analyst with Irvine-based CoreLogic.
Specifically, some federal lending laws went into effect in October 2015, which caused some transactions to close in December instead of November. Last November also had one more business day than November 2015, a factor that could have skewed the data somewhat, LePage said in the statement.
The median price of a Southern California home in November was $465,000, up 5.9 percent year-over-year.
In the Inland Empire, year-over-year sales in November were up 23.5 percent in Riverside County and 28.3 percent in San Bernardino County.
Median prices – $340,000 in Riverside County and $295,000 in San Bernardino County – were up 6.8 percent and 5.7 percent respectively, according to CoreLogic.
