IE Business Daily Business news for the Inland Empire.
Sales of single-family homes and condominiums in Southern California took a steep year-over-year drop in February, continuing a trend that began nearly one year ago.
A total of 13,466 new and existing houses and condos were sold in the six-county region last month, the lowest for the month of February since 2008, when 10,777 units changed hands, according to data released by CoreLogic in Irvine.
That was a 6.3 percent increase compared with January but an 11.7 percent decline from February 2018.
Sales in Southern California have declined year-over-year for seven consecutive months and 10 of the last 11 months.
The median price of home in February was $512,500, up 1.5 percent month-over-month and 1.2 percent year-over-year. Last month was the 83rd consecutive month that home prices have gone up year-over-year in Southern California.
In the Inland Empire, sales were down 8.9 percent in Riverside County and 13.8 percent in San Bernardino County from February 2018.
Median prices – $381,000 and $335,000 respectively – represented a 1.7 percent gain in Riverside County and no change in San Bernardino County, CoreLogic reported.
