Market Rebound? Median Home Prices Increasing in RivCo

The median price of a home in Riverside County increased by 24 percent and the number of homes sold in the county rose by 8.1 percent in April, compared to the same month a year ago, a real estate information service reported Tuesday.

According to DataQuick, 3,760 homes were sold in Riverside County last month, compared to 3,477 in April 2012, while the median price was $248,000, up from $200,000 during the same time period last year.

A total of 21,415 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to DataQuick. That was a 4.1 percent jump from 20,581 in March and up 9.5 percent from 19,562 in April 2012.

The median price for a Southern California home was $357,000 in April, up 3.3 percent from $345,500 in March and up 23.1 percent from $290,000 in April 2012. According to DataQuick, last month's median price was the highest since June 2008, when the median was $360,000.

"This is a market that is still re-balancing," DataQuick President John Walsh said. "Sales of deeply discounted properties in affordable neighborhoods are way down. Activity in middle- and high-end communities is on its way up. Now it's catch-up time, with a healthier economy spurring more demand and rising prices tempting more people to put their homes up for sale."

What do YOU think?  Is this real estate trend good news?  Tell us in the comments!

– City News Service.