IE Business Daily Business news for the Inland Empire.
Single-family home sales in Southern California were flat last month compared with one year earlier, according to data released Tuesday.
A total of 24,326 new and used home were sold in the six-county market in June, a drop of -0.2 percent compared with June 2015, Irvine-based CoreLogic reported in its monthly analysis of the Southern California housing market.
The market – the Inland Empire’s two counties plus Los Angeles, Orange, San Diego and Ventura counties – performed more solidly on the price side: the median-price of a single-family home last month was $464,000, up from $442,000 year-over-year, an increase of five percent.
Southern California home prices are still a long way from getting back to their all-time high – $505,000 – which the market reached in the spring and summer of 2007, said Andrew LePage, research analyst with CoreLogic.
Adjusted for inflation, last month’s median price was nearly 19 percent below the peak rate of nine years ago, LePage said in a statement.
In the Inland Empire, June sales were up 3.5 percent in San Bernardino County and 3.8 percent in Riverside County compared with June 2015.
Median prices in the Inland Empire were also up year-over-year: six percent in San Bernardino County, where the median price in June was $285,000, and 5.4 percent in Riverside County, where the median price was $332,000, according to CoreLogic.
