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Price of Homes in Riverside County Increase by 22.6%

Wednesday, February 12th, 2014
Issue 07, Volume 18.

RIVERSIDE - The median price of a home in Riverside County jumped by 22.6 percent in January, compared with the same month a year ago, while the number of homes sold dipped by 9.9 percent, a real estate information service announced today.

According to DataQuick, the median price of a Riverside County home was $277,000 last month, up from $226,000 in January 2013. A total of 2,576 homes were sold in the county, down from 2,858 during the same month the previous year.

A total of 14,471 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last Advertisement
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month, according to DataQuick. That was down 21.4 percent from 18,415 in December and down 9.9 percent from 16,058 in January 2013.

The median price for a Southern California home was $380,000 in January, down 3.8 percent from $395,000 in December and up 18.4 percent from $321,000 in January 2013.

"The economy is growing, but Southland home sales have fallen on a year- over-year basis for four consecutive months now and remain well below average," according to DataQuick President John Walsh. "Why? We're still putting a lot of the blame on the low inventory. But mortgage availability, the rise in interest rates and higher home prices, too."



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