Median price of homes in Riverside County continues to rise

RIVERSIDE – The median price of a home in Riverside County rose by 7.5 percent in September 2017, compared with the same month a year earlier, while the number of homes sold dipped by 3.7 percent, a real estate information service announced.

According to CoreLogic, the median price of a Riverside County home was $360,000 last month, up from $335,000 in September 2016. A total of 3,440 homes were sold in the county, down from 3,571 during the same month the previous year.

A total of 20,956 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 was down 12.9 percent from 24,055 in August and down 1.7 percent from 21,325 in September 2016.

The median price of a Southern California home was $505,000 in September, up 1 percent from $500,000 in August and up 9.8 percent from $460,000 in September 2016.

“The Southern California median sale price’s climb back to the peak it reached more than a decade ago reflects the regionwide strengthening of home prices, which has boosted homeowner equity and helped spur consumer spending and economic growth,” Andrew LePage, research analyst with CoreLogic, said. “In inflation-adjusted terms, however, the region’s median last month was still almost 13 percent below its 2007 peak.”

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