RivCo Home Prices Up 9.7 Percent; Median Price Now $295,000

The median price of a home in Riverside County rose by 9.7 percent in September, compared with the same month a year ago, while the number of homes sold dipped by 0.8 percent, a real estate information service announced this week.

According to CoreLogic DataQuick, the median price of a Riverside County home was $295,000 last month, up from $269,000 in September 2013. A total of 3,115 homes were sold in the county, down from 3,141 during the same month the previous year.

A total of 19,348 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to CoreLogic DataQuick. That was up 2.9 percent from 18,796 in August and up 1.2 percent from 19,112 in September 2013.

The median price for a Southern California home was $413,000 in September, down 1.7 percent from $420,000 in August and up 8.1 percent from $382,000 in September 2013.

“Price appreciation has dipped into single-digit territory as more would-be buyers get priced out, investors back off and incomes rise modestly at best,” said Andrew LePage, CoreLogic DataQuick analyst. “Yet there are still upward forces on home prices. Jobs are being created and families started at a time when the supply of existing homes for sale, as well as the number of new homes being built, remains relatively low.”

--City News Service.

(Image via Shutterstock)