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Inland Empire Business News week of October 14.001
Inland Empire Business News week of October 14.001

Housing market posts solid numbers

Single-family home sales took a dramatic year-to-year jump in the Inland Empire during September.

Sales were up 7.6 percent in Riverside County and 15.4 percent last compared with September 2012, according to DataQuick, the San Diego company that tracks the Southern California real estate market.

Prices were also strong in both counties. Riverside County’s median price of $269,000 represented 26.6 percent year-to-year increase, while the median price in San Bernardino County, $225,000 was a 32.4 percent increase, according to DataQuick.

The Inland region’s year-to-year performance was similar to Southern California’s. Sales jumped seven percent year-to-year, and the median price of $382,000 represented a 21.3 percent increase during that time, according to DataQuick.

However, there’s evidence that homebuyers might have been influenced last month by the rumors of a pending federal government shutdown, rumors that ultimately came true: sales in Southern California were down 17.1 percent compared with August.

DataQuick, which released its monthly assessment of the Southern California housing market on Wednesday, defined Southern California as the Inland Empire along with Los Angeles, Orange, San Diego and Ventura counties.

The six-county region is experiencing a “fairly normal downshifting” in its housing market this fall, according to DataQuick President John Walsh.

“What’s not clear is how well the market can weather the job losses related to the federal government shutdown and the blow to consumer confidence caused by fears of a default in the national debt,” Walsh said in the statement.

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