The sales price of a typical Inland Southern California home continued to rise in May, but it is still a market slowed by upside-down properties and not enough choices for the average buyer, a report released Tuesday, June 11, found. The median sale price for a single-family residence in Riverside County rose to $252,000 last month, according to the report from real estate information network DataQuick. That is a 22.9 percent increase from May 2012, and a $4,000 jump from the previous month. In San Bernardino County, the median sales price was $203,000, a healthy 28.1 percent increase from a year earlier and $8,000 more than April, DataQuick reported. Median price means half the homes that closed in May sold for higher prices and half for lower pirces. But housing market activity in the Inland region still is being slowed by a lack of inventory. The total number of homes changing hands in May — a little more than 6,500 in both counties combined — was 2 percent less than May 2012. That means that the Inland Empire, an area dominated by modestly priced homes, was going against the grain of the rest of Southern California. Home sales were sharply higher in Los Angeles, Orange and San Diego counties, areas where the typical dwelling was selling for well above $300,000. Interest rates were close to 3.5 percent for most of May, which drew additional buyers to the table.
Posted on: Thu, 13 Jun 2013 22:34:37 +0000
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