Housing Market Continues to Shine

The Southern California housing market posted another solid month in May.

Sales were up 3.3 percent year-over-year, and the median price of a single-family home, – $459,500 – was a 6.9 percent increase compared with May 2015, according to data released Tuesday by CoreLogic in Irvine.

The Inland Empire posted similar numbers: sales were up 2.4 percent in Riverside County and six percent in San Bernardino County compared with one year ago.

Riverside County’s median price of $330,000 was a 6.5 percent increase year-over-year, while San Bernardino County’s median price – $285,000 – represented an 11.8 percent increase, CoreLogic reported in its monthly housing report.

“Last month’s median sale price inched closer to its all-time high set in 2007,” said Andrew LePage, research analyst with CoreLogic, in a statement. “In some ways the market continues to edge toward normalcy. Distressed sales are the lowest in nearly nine years and the investor share of purchases is the lowest in about six years.”