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Translate this page Home sales in Riverside County jump by 10.2 percent in NovemberWednesday, December 12th, 2012 Issue 50, Volume 16.
A total of 3,274 homes changed hands in Riverside County last month, compared to 2,971 in November 2011, according to DataQuick. The median price of a home in the county in November was $229,000, up from $195,000 in November 2011. A total of 19,285 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in November, according to DataQuick. Advertisement The median price for a Southern California home was $321,000 in November, up 1.9 percent from $315,000 in October and up 16.7 percent from $275,000 in November 2011. "The government's offered people an amazing gift in the form of extraordinarily low mortgage rates," DataQuick President John Walsh said. "But that's not the only thing fueling these sales gains. Investor activity and cash purchases remain unusually high, and more buyers feel confident about their jobs, the economy and the likelihood housing prices have bottomed and are likely to rise." 2 comments
It will probably be 10 years before people realize that purchasing a home is today was the bargain of a life time.
It is NOT because people feel more confident in their jobs or the economy that Riverside real estate is doing so well. It's because investors are taking their money out of a very unstable economy (stocks, mutual funds, etc.) and throwing their cash into income producing rentals. |
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