IE Business Daily Business news for the Inland Empire.
April was a strong month for single-family home sales in Southern California.
More than 21,700 new and existing homes were sold in the region during that time, up nearly 10 percent from the previous month and an 8.5 percent increase compared with April 2014, according to CoreLogic in Irvine.
That was the second consecutive month of year-over-year increase and the strongest April since 2006, well before the recession hit and the housing market collapsed.
The median price of a single-family home in Southern California – the Inland Empire plus Los Angeles, Orange, San Diego and Ventura counties – last month was $429,000, the highest that figure has been since November 2007 and a 6.2 percent increase compared with April 2014, according to CoreLogic’s monthly report on the Southern California housing market.
“Sales activity picked up last month, making it one of strongest Aprils since the housing bust, though sales remained below average,” said Andrew LePage, data analyst for Core Logic. “Many buyers still face affordability hurdles, and the inventory of homes for sale remains relatively tight in many markets.”
“New home construction is still well below historically normal levels, too.”
In Riverside and San Bernardino counties, sales were up 8.2 and 0.5 percent respectively year-over-year in April. Median prices were $286,250 in Riverside County and $252,500 in San Bernardino County, up 8.3 and 5.2 percent compared with April 2014, according to CoreLogic.
CoreLogic provides housing and other real estate data to public and private sector clients worldwide.
