Home Sales Rise A Bit In Riverside County
KESQ.com News Services
RIVERSIDE -Home sales in Riverside County rose by 0.7 percent in November, compared to the same month a year ago, while prices slipped by 9.1 percent, a real estate information service reported today.
A total of 3,745 homes sold in November, up from 3,719 for November 2008, while the median price of a home in Riverside County last month was $200,000, down from $220,000 in the same month a year ago, according to La Jolla-based MDA DataQuick.
According to DataQuick, 19,181 homes were sold in the six-county Southern California region in November, down 13.3 percent from 22,132 in October and up 14.7 percent from 16,720 in November 2008. Home prices across the region — including Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties — held steady at $285,000.
“This market is still really lopsided,” said John Walsh, MDA DataQuick president. “Foreclosures and short sales are huge factors. There’s still not a lot of discretionary buying and selling outside the more affordable markets.
Anybody who can sit tight is doing just that. The market won’t fully rebalance itself until financing becomes available for the higher price ranges.”
The median price of a Southern California home was $285,000 in November, up 1.8 percent from $280,000 in October but the same as the median price in November 2008.
