IE Business Daily Business news for the Inland Empire.
Southern California’s median home price rose 8.4 percent in March, as too many buyers pursued too few new and existing houses and condominiums.
The region’s median price, 519,000, was a $40,000 increase from March, 2017, according to Irvine-base CoreLogic’s monthly housing report, which was released Monday.
That was also the highest median price ever recorded in the six-county region, topping the $509,500 median price recorded in December.
While prices soared, sales went the other direction, falling 6.2 percent year-over-year. All six submarkets recorded a drop in sales last year, including Riverside and San Bernardino counties, which were down 8.1 percent and 3.3 percent, respectively.
San Bernardino County’s median price – $328,000 – was a 7.5 percent year-over-increase, while Riverside County’s median – $375,000 – went up 7.1 percent during that time, CoreLogic reported.
