IE Business Daily Business news for the Inland Empire.
The Inland Empire posted solid gains in single-family home sales and median prices during January, according to data released Tuesday.
Year-over-year sales were up 7.8 percent in Riverside County and 3.7 percent in San Bernardino County, Irvine-based CoreLogic reported in its monthly analysis of the Southern California housing market.
Prices also posted impressive gains compared with January 2015: the median price in Riverside County, $310,000, was an 8.4 percent increase, while San Bernardino County’s median price $265,000 median price represented an 11.8 percent jump.
Southern California experienced a 7.3 percent increase in sales during the first month of the year, while its median price – $432,250 – was as 6.7 percent year-over-year increase.
“It’s a good report for a recovering economy,” said Jay Prag, professor of economics and finance at the Drucker School of Management at the Claremont Colleges. “It’s another sign that we’re not going to have another economic downturn, even with the bad start the stock market had at the start of the year.”
