March 28, 2024
CoreLogic: Home sales slowing, price rise eases
SOUTHLAND – (INT) – The housing market is showing signs of stress because of a diminishing inventory amid rising prices.

CoreLogic found that October’s sales of newly built homes – detached houses and condos combined – were about 47 percent below the long-term October average. October’s sales prices were 7.9 percent below the peak median of $505,000 reached in 2007.

The sharpest decline in the rate of homes sold in the Southland during October occurred in the Inland Empire.

Sales prices in the IE continued a year-over-year gain averaging $310,000 or an average of nearly 9 percent. But, San Bernardino County home prices actually took a 4.7 percent drop from September.

Across the Southland, the October 2016 median was 7.9 percent below the peak median of $505,000 reached in March, April, May and July of 2007.

Southland home sales of $500,000 or more accounted for 45.2 percent of all sales in October 2016, the highest for any month since August 2007.
Story Date: December 7, 2016
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