Price of Homes in Riverside County Increase by 22.6%

RIVERSIDE – The median price of a home in Riverside County jumped by 22.6 percent in January, compared with the same month a year ago, while the number of homes sold dipped by 9.9 percent, a real estate information service announced today.

According to DataQuick, the median price of a Riverside County home was $277,000 last month, up from $226,000 in January 2013. A total of 2,576 homes were sold in the county, down from 2,858 during the same month the previous year.

A total of 14,471 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 down 21.4 percent from 18,415 in December and down 9.9 percent from 16,058 in January 2013.

The median price for a Southern California home was $380,000 in January, down 3.8 percent from $395,000 in December and up 18.4 percent from $321,000 in January 2013.

”The economy is growing, but Southland home sales have fallen on a year- over-year basis for four consecutive months now and remain well below average,” according to DataQuick President John Walsh. ”Why? We’re still putting a lot of the blame on the low inventory. But mortgage availability, the rise in interest rates and higher home prices, too.”

Leave a Reply

Your email address will not be published.