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|August 19, 2017|
Home sales soar as inventory tightens
SOUTHLAND – (INT) – In spite of soaring prices for new and previously lived-in homes, sales last month across Southern California was the highest for any June in 11 years.
Andrew LePage, research analyst with CoreLogic, cautioned "This suggests the region is burning through its limited supply quickly, and without a surge in new inventory it might be difficult to hold the pace.”
The median price paid for all homes sold in the 6-county region was $500,000, the highest for any month since August 2007.
Around the Inland Empire, San Bernardino County claimed the fastest gain of 12.3 percent over the past 12 months.
Combined, the average home in San Bernardino and Riverside counties in June sold for $338,500.
Riverside and San Bernardino counties experienced the region's highest share of government-insured, low-down-payment Federal Housing Administration (FHA) loans for June at 27.3 percent and 32 percent, respectively.
Story Date: July 26, 2017