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|September 26, 2017|
'Mismatch' drives down home sales
INLAND EMPIRE – (INT) – The median sales price of an average Southern California home has eclipsed a half-million dollars. That puts the median-priced home at a 10-year high.
CoreLogic reports the average of $501,000 is the highest since July 2007, just before the housing bust.
Sales prices across the Inland Empire are considerably more affordable at an average of $335,000. That represents an average increase for Riverside and San Bernardino counties of 8 percent over the past 12-months.
Homes were most expensive in Orange County hitting $690,000 in July.
Commenting on the volume of homes sold, Andrew LePage, research analyst with CoreLogic said "Given the ongoing mismatch between housing supply and demand, it's no surprise that home sales tapered off last month on the heels of a relatively strong June, when sales were the highest for that month in 11 years.”
Story Date: September 14, 2017