Riverside County home prices see major May upswing
The median price of a home in Riverside County rose by 7 percent in May, compared with the same month a year earlier, a real estate information service announced today.
According to CoreLogic, the median price of a Riverside County home was $380,000 last month, up from $355,000 in May 2017. A total of 4,154 homes were sold in the county, down 2.8 percent from 4,274 during the same month the previous year.
A total of 22,874 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 up 10.2 percent from 20,752 in April, and down 3.4 percent from 23,671 in May 2017.
The median price of a Southern California home was a record $530,000 in May, up 1.9 percent from $520,000 in April and up 8.2 percent from $490,000 in May 2017.
“With inventory tight and affordability worsening, the number of Southern California homes sold has fallen on a year-over-year basis during three of the last five months,” said Andrew LePage, research analyst with CoreLogic. “Total sales during the first five months of this year fell about 2 percent from the same period last year, reflecting limited inventory particularly in more affordable price ranges.”
Download the KESQ & CBS Local 2 app on iTunes or Google Play for up-to-the-minute breaking news alerts & more
More: I-Team and Stands for You investigations
Find us on Facebook: KESQ News Channel 3 & CBS Local 2
Follow us on Twitter for breaking news updates: @KESQ & @Local2
We’re on Instagram! @KESQ_News_Channel_3 & @CBSLocal2
Noticias en español: Telemundo 15
