Home Sales Post Weakest July In Four Years
Home sales in Riverside County dropped 6.8 percent in July, compared to the same month a year ago, while prices dipped by 5 percent, a real estate information service announced today.
A total of 3,288 homes changed hands locally last month, compared to 3,529 in July 2010, according to La Jolla-based MDA DataQuick. The median price of a home in Riverside County in July was $190,000, down from $200,000 in July 2010.
That includes homes sold in the Palm Springs and Coachella Valley areas.
A total of 18,090 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in July, according to DataQuick. That was down 11.9 percent from 20,532 in June, and down 4.5 percent from 18,946 in July 2010.
“The latest sales figures look a bit worse than they really are, given this July was a fairly short month, but they still suggest some potential homebuyers got spooked,” DataQuick President John Walsh said. “Reports on the economy became increasingly downbeat and, no doubt, some people fretted over the possibility the country would default on its obligations.”
The median price for a Southern California home was $283,000 last month, down 0.7 percent from $285,000 in June and down 4.1 percent from $295,000 in July 2010, according to DataQuick.
