Healthier Economy Spurring More Real Estate Activity, Analyst Says

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 today.

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."

As housing prices go up, foreclosures are on the decline. A total 1,403 mortgage default notices, auction sale notices and bank repossessions were recorded in April, meaning 1 in 566 households was in some stage of foreclosure, according to Irvine-based RealtyTrac.

Riverside County ranked No. 21 in foreclosure activity in California last month, while neighboring San Bernardino County ranked No. 16.

With the exception of Imperial County, No. 4 on RealtyTrac's list, the remaining top 10 counties were all in Northern California.

In Riverside County, the number of foreclosure filings was down 17 percent from March and down 64 percent compared to a year ago, figures showed.

Nationally, 144,790 properties slipped into foreclosure in April, a 5 percent decline from March and a 23 percent drop compared to a year ago, according to RealtyTrac.

California ranked No. 13 in U.S. foreclosure activity in April, with 16,161 properties going into default, or 1 in 843, according to RealtyTrac. The figure was 13 percent below the number of filings in March and 59 percent less than a year ago.

Nevada had the highest foreclosure rate nationwide, with 1 in 360 households in default last month. —City News Service