Riverside County Property Sales Slide, Prices Creep Higher

RIVERSIDE COUNTY, CA — Home sales fell last month in Riverside County as prices climbed, matching activity throughout Southern California, a real estate tracking firm reported Wednesday.

According to Irvine-based CoreLogic Inc., which specializes in property analytics, 3,283 homes were sold countywide in November, compared to 3,453 in October.

The modest drop coincided with a 2 percent month-to-month increase in the median home price -- from $358,000 to $365,000, the data showed.

By comparison, in November 2016, homes at the median in Riverside County went for $340,000, 7 percent below the current level, according to CoreLogic. The firm said 3,408 housing units sold at that time, roughly 4 percent more than last month.

Month-to-month sales activity dropped regionally as prices edged higher, with the exception being San Bernardino County, where the median price fell about 1 percent and sales slipped by just over 5 percent, according to CoreLogic.

Ventura County recorded the largest decline in homes sales -- 11.5 percent -- as well as the biggest bounce in the median price -- 6.3 percent -- from October to November, figures showed.

CoreLogic noted that the aggregate median price, covering most of Southern California, in November was $505,000, tying record-high peak prices reached in 2007. However, in inflation-adjusted terms, the decade-old prices were higher.

CoreLogic analyst Andrew LePage said the Southern California median home price has risen steadily for 68 consecutive months.

— By City News Service / Image via Shutterstock