IE Business Daily Business news for the Inland Empire.
Sales of Southern California homes dropped nearly 25 percent year-over-year in June, while median home prices stayed essentially the same during that time, according to a report released Aug. 9.
Irvine-based CoreLogic’s report includes data for new and resale single-family homes and resale condominiums from Los Angeles, Orange, Riverside, San Bernardino, San Diego, and Ventura counties.
Southern California’s median home sales price was $730,000 in June, down 0.7 percent compared with June 2022. Home sales totaled 16,320.
“While an exceptionally low inventory of homes is constraining sales activity in Southern California, it is also fostering a competitive environment for prospective buyers and again driving price growth,” said Selma Hepp, Core Logic’s chief economist in a statement.
“After four months of increases, home prices are now about 5 percent higher in Southern California’s coastal areas than they were before they bottomed out in the early months of 2023.”
In the Inland Empire, June sales totaled 3,278 in Riverside County and 2,269 in San Bernardino County, an annual drop of 1.4 percent and a gain of 2.7 percent, respectively.
Median prices were $560,000 and $475,000, a gain of 0.6 percent and a decline of one percent.
