SoCal housing prices continue to rise

Southern California home prices continued to rise in July, as the state continued to be plagued by a seemingly endless housing shortage.

The median price of a home last month was $501,000, a 7.7 percent increase compared with July 2016, Irvine-based CoreLogic reported Tuesday.

That was the highest price recorded in exactly 10 years – July 2007 – when the median price was $505,000.

Month-over-month, home prices in the six-county region – the Inland Empire plus Los Angeles, Orange, San Diego and Ventura counties -was effectively unchanged, rising only 0.2 percent.

Sales were down 2.3 percent year-over-year and 17.6 percent month-over-month in July, CoreLogic reported.

In the Inland region, Riverside County last month recorded a median home price of $365,000, a nine percent increase compared with July 2016. Month-over-month, home prices were up 2.2 percent.

In San Bernardino County, the median home price – $305,00 – represented a seven percent increase year-over-year and a drop of 4.7 percent compared with June.

Sales were up 1.5 percent in Riverside County and 3.8 percent year-over-year in San Bernardino County, according  to CoreLogic.