IE Business Daily Business news for the Inland Empire.
Southern California’s housing market continued to improve in July.
Single-family home sales were up only 0.6 percent month-over-month but rose nearly 17 percent compared with July 2014, according to CoreLogic’s monthly report on the region’s housing market, which was released Tuesday.
A total of 24,235 new and existing houses and condominiums were sold in the six-county region last month – the Inland Empire plus Los Angeles, Orange, San Diego and Ventura counties – the most recorded in July since 2006, CoreLogic stated.
Typically, sales fall 6.1 percent between June and July, so the region’s housing market is getting healthier, said Andrew LePage, a research analyst with CoreLogic.
“Southern California home sales have risen year-over-year for six straight months, and we’re finally approaching an overall sales level that could loosely be called “normal” in the context of the last quarter century,’ LePage said in a statement. “Cash and investor purchases, as well as distressed sales, also continue to trend toward more historically normal levels.”
The median price of a single-family home in Southern California was $438,000 down nearly one percent from June but up 5.5 percent year-over-year, when the median price was $415,000, according to CoreLogic.
Locally, sales were up 17.2 percent in Riverside County and 19 percent in San Bernardino County compared with July 2014
The median price of a single-family home last month in Riverside County was $319,000, in San Bernardino County $267,000, increases of 10 percent and 11 percent respectively, according to CoreLogic.
