Riverside County Home Sales Increase, But Not as Much as Prices

The median price of a home in Riverside County increased by 25.9 percent in July, compared with the same month a year ago, while the number of homes sold rose by 14.9 percent, a real estate information service announced today.

According to DataQuick, the median price of a Riverside County home was $265,000 last month, up from $210,500 in July 2012. A total of 4,076 homes were sold in the county, up from 3,546 during the same month last year.

A total of 25,419 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 17.6 percent jump from 21,608 in June and up 23.5 percent from 20,588  in July 2012.

The median price for a Southern California home was $385,000 in July -- the same as in June but up 25.8 percent from $306,000 in July 2012. According to DataQuick, the June and July median prices were the highest for any month since April 2008, when the median was also $385,000.

"July home sales came in very strong, and we think a lot of the increase in activity can be chalked up to a rising inventory of homes for sale," DataQuick President John Walsh said. "The jump in mortgage rates a couple of months back might have spurred more buying too. The market continues its re-balancing act, with more and more people who've been underwater now able to sell their homes at a profit, or at least break even."

– City News Service.