Home sales in January increased

RIVERSIDE – The median price of a home in Riverside County jumped by 6.5 percent in January, compared with the same month a year earlier, while the number of homes sold rose by 4.1 percent, a real estate information service CoreLogic announced.

According to CoreLogic, the median price of a Riverside County home was $330,000 last month that is up from $310,000 in January 2016. A total of 2,596 homes were sold in the county, up from 2,494 during the same month the previous year.

A total of 15,422 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. That total was down 24.6 percent from 20,458 in December but up 5.4 percent from 14,633 in January 2016.

The median price of a Southern California home was $455,000 in January, down 3.2 percent from $470,000 in December and up 5.3 percent from $432,250 in January 2016.

“Southern California home sales were the highest for a January in four years, despite a spike in mortgage interest rates after the November election,” Andrew LePage, research analyst with CoreLogic, said. “Many of the homebuyers whose deals were recorded in January would have been out shopping in November and December during a rising-rate environment that might have spurred some to buy sooner than later. There was still a normal, sharp seasonal drop-off in sales between December 2016 and January 2017.

“That’s partly because some people prefer not to buy or sell during the holidays, which translates into a relatively low number of deals recorded in January and February. Historically, those months are not good indicators of how the market will shape up during the rest of the year,” LePage said.

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