County property sales slide, prices creep higher

RIVERSIDE – Home sales fell in November in Riverside County as prices climbed, matching activity throughout Southern California, a real estate tracking firm said.

According to Irvine-based firm, CoreLogic, 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 said 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.

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