Home sales in Riverside County jumped by 7.8 percent in July, compared to the same month a year ago, while prices rose by 10.8percent, a real estate information service announced today.
A total of 3,546 homes changed hands in Riverside County last month, compared to 3,288 in July 2011.
The median price of a home in Riverside County in July was $210,500, up from $190,000 in July 2011.
A total of 20,588 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in July, according to DataQuick.
That was down 6.7 percent from 22,075 in June, and up 13.8 percent from 18,090 in July 2011.
The median price for a Southern California home was $306,000 last month, up 2 percent from $300,000 in June and up 8.1 percent from $283,000 in July
“Even adjusting for changes in market mix, there’s growing evidence prices have crept up in areas where more demand has met a shrinking number of homes for sale,” said John Walsh, DataQuick president. “But we’re approaching the peak of the traditional spring-summer home-buying season.”
Whether these trends hold into the fall and winter isn’t clear.
“If they do, then logically the number of homes on the market would eventually rise to meet the demand.”