Riverside County Home Sales Drop 14 Percent

Home sales in Riverside County dropped 14.7 percent in June, compared to the same month a year ago, while prices dipped by 4.8 percent, a real estate information service announced today.

A total of 3,960 homes changed hands locally last month, compared to 4,645 in June 2010, according to La Jolla-based MDA DataQuick. The median price of a home in Riverside County in June was $200,000, down from $210,000 in June 2010.

A total of 20,532 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in June, according to DataQuick. That was up 11.6 percent from 18,394 in May, but down 14 percent from 23,871 in June 2010.

“The housing market remains dysfunctional and lopsided, just somewhat less so than it was a few months or a year ago,” DataQuick President John Walsh said. “The market mix indicates that a lot of potential buyers are either stuck, for lack of equity, or spooked and are waiting things out.

“Another large, lingering problem is the fussy mortgage market,” he said. “Qualifying for a mortgage remains difficult for many, and the use of adjustable-rate and `jumbo’ home purchase loans remains far below the historical norm.”

The median price for a Southern California home was $285,000 last month, up 1.8 percent from $280,000 in May but down 5 percent from $300,000 in June 2010, according to DataQuick. The median price was the highest it has been since December, when the median was $290,000.