Riverside Home Prices Rose 5 Percent in June

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By City News Service

The median price of a home in Riverside County rose by 5.5 percent in June, compared with the same month a year ago, while the number of homes soared by 17.6 percent, a real estate information service announced.

According to CoreLogic, the median price of a Riverside County home was $315,000 last month, up from $298,500 in June 2014. A total of 4,073 homes were sold in the county, up from 3,463 during the same month the previous year.

A total of 24,378 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to CoreLogic. That was down 12.1 percent from 21,754 in May and up 18.1 percent from 20,635 in June 2014.

The median price for a Southern California home was $442,000 in June, up 2.8 percent from $430,000 in May and up 5.7 percent from $418,000 in June 2014.

“Southern California’s June home sales were the highest since summer 2006 -- the tail end of the last housing boom -- and sales haven’t risen this sharply on a year-over-year basis in nearly three years,” said Andrew LePage, a data analyst for CoreLogic. “Continued job growth, low mortgage rates, more confident consumers and other factors have put more wind in the housing market’s sails.”