SOUTHLAND – (INT) – Home buyers are digging deeper while exploring financing options as prices continue to climb.

CoreLogic reports that sales across the Southland climbed in May although still 43 percent below the long-term May average.

The increasing rate of transactions and rising sales prices was fastest in the Inland Empire.

The median price paid for all homes sold in Riverside and San Bernardino counties in May was $333,000. That compares to $492,000 for all of Southern California, the highest for any month since August 2007 when it was $500,000.

"Healthy demand continues to meet a relatively low inventory of homes for sale, helping to nudge prices higher," said Andrew LePage, research analyst with CoreLogic.

Government-insured, low-down-payment Federal Housing Administration (FHA) loans accounted for less than one out of every five home purchase loans in Southern California in May 2017. Riverside and San Bernardino counties experienced the region's highest FHA share.

Story Date: June 29, 2017