SOUTHLAND - (INT) – A diminishing inventory of homes for sale is the newest problem impacting the housing market.

DataQuick says the tight inventory gave January its lowest number of home sales in three years across Southern California. Spokesman Andrew LePage says many homeowners are trying to resurface after being ‘underwater'.

“More and more people do have equity but quite a few in more affordable areas are stuck. They want to move and put a For Sale sign in the front yard, but they’re stuck.”

The number of homes sold in the Inland Empire last month was down 10 percent from January of last year.

Sales prices for Riverside and San Bernardino counties – combined - skyrocketed the past 12-months rising nearly $47,000 for the average transaction or about 23 percent.

Story Date: February 16, 2014