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SoCal Real Estate Outlook Shows Home Sales 'Leveling Off'

September home sales were down 17.1 percent in Southern California when compared to August numbers.

SoCal Real Estate Outlook Shows Home Sales 'Leveling Off'

The median price of a home in Riverside County jumped by 26.6 percent in September, compared with the same month a year ago, while the number of homes sold rose by 7.6 percent, a real estate information service announced today.

According to DataQuick, the median price of a Riverside County home was $269,000 last month, up from $212,500 in September 2012. A total of 3,141 homes were sold in the county, up from 2,920 during the same month last year.

A total of 19,112 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 down 17.1 percent from 23,057 in August and up 7 percent from 17,859 in September 2012.

The median price for a Southern California home was $382,000 in September, down 0.8 percent from $385,000 in August but up 21.3 percent from $315,000 in September 2012.

"We've seen a fairly normal downshifting in the housing market this fall," DataQuick President John Walsh said. "Couple that with the rise in inventory, higher mortgage rates and the ongoing, gradual drop in purchases by investors and cash buyers and it's no wonder prices have leveled off in recent months."

September figures by city were not yet posted by DataQuick; however, the firm reported that during August, 251 homes sold in Murrieta for a median price of $325,000—a 22.64-percent increase compared to August 2012.

—City News Service and Maggie Avants contributed to this report.

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