IE Business Daily Business news for the Inland Empire.
Southern California’s median home price in March was $705,000, a 2.1 percent year-over-year drop.
Despite that decline, five of six counties had their median price rise between the second and third month of the year: San Bernardino (1.1 percent), Orange (3.6 percent), Los Angeles 4.4 percent, San Diego (5.2 percent), and Ventura (4.7 percent) – had their median price rise between February and March, according to CoreLogic in Irvine.
Only Riverside County experienced a month-over-month drop: 0.8 percent.
The upward trend in five counties was probably caused by the start of spring, which is typically a good time for home sales.
“While Southern California home sales are still trending below 2022 levels, the seasonal rebound and falling mortgage rates have attracted more buyers to the market,” said Selma Hepp, CoreLogic’s chief economist, in the statement. “[But] many sellers are still on the sidelines, keeping the inventory of for-sale homes in the region consistently low.
“Due to the shortage of homes on the market, both home prices and market competition have bounced back.”
Riverside and San Bernardino counties’ median prices were $535,750 and $480,000, a 4.9 percent decline and a 1.1 percent increase, respectively, CoreLogic reported.
