IE Business Daily Business news for the Inland Empire.
February was another good month for the Inland Empire housing market.
Year-over-year, sales were up 12.5 percent in Riverside County and 10.8 percent during the second month of the year, according to data released Monday by CoreLogic in Irvine.
Median prices were also up in both markets.
Riverside’s median price, $315,000, was a 3.6 percent increase year-over-year, while San Bernardino County’s median, $275,000, was a 10 percent jump compared with February 2015, CoreLogic reported.
Southern California recorded a 9.1 percent increase in single-family home sales during that time, while its median home price – $430,000 – was a 3.7 percent increase compared with exactly one year earlier.
“The market is strong, but it’s running on three cylinders,” said John Karevoll, an Inland Empire-based retail analyst. “There are still a lot of gaps in the market, like discretionary buying or empty nesters selling their house and getting something smaller. We aren’t seeing much of either of those things.”
