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Riverside County Home Prices Up 11 Percent From This Time Last Year

According to DataQuick, the median price of a Riverside County home was $300,000 last month, up from $269,250 in June 2013.

The median price of a home in Riverside County rose by 11.4 percent in June, compared with the same month a year ago, while the number of homes sold dipped by 2.4 percent, a real estate information service announced Tuesday.

According to DataQuick, the median price of a Riverside County home was $300,000 last month, up from $269,250 in June 2013. A total of 3,451 homes were sold in the county, down from 3,536 during the same month the previous year.

A total of 20,654 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to DataQuick. That was up 5.6 percent from 19,556 in May and down 4.4 percent from 21,068 in June 2013.

The median price for a Southern California home was $415,000 in June, up 1.2 percent from $410,000 in May and up 7.8 percent from $385,000 in June 2013.

"Pent-up demand, job growth and still-slow mortgage rates continue to put pressure on home prices," DataQuick analyst Andrew LePage said. "In many markets price appreciation has slipped into the more sustainable single-digit range, compared with gains exceeding 20 percent this time last year.

"Why the drop-off? The supply of homes for sale, while still low in an historical context, is higher this year, and the decline in affordability serves as gravity for home prices. People can't stretch with exotic risky loans the way they could during the last housing boom."


– City News Service. 

 


Candi Oliver July 15, 2014 at 07:49 PM
regarding Riverside County homes going up 11%. I think you forget about SW Riverside County , Murrieta and Temecula where the basic home is way above $300,000.00 Unfortunately it is reported that homes in this part of Riverside county are $300,000 and investors and people are here looking for those homes that don't exist even Short Sales and Foreclosures. I know that Riverside County forgets that the very expensive area of the desert and South West Riverside County command more of a premium. Please keep that in mind

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