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|February 20, 2019|
Home sales sag, would-be buyers fear price direction
SOUTHLAND – (INT) – Sales of new and existing homes throughout Southern California and the Inland Empire appear to be entering a new phase.
Sales have fallen for five consecutive months although prices have peaked in some areas and are beginning to decline.
The Inland Empire posted the fastest gain in prices during 2018 among Southern California’s six counties studied by CoreLogic. Riverside County buyers paid out 4.1% more than a year earlier for an average of $380,000. San Bernardino County buyers signed for an average of just under $330,000, the lowest in Southern California.
Across the Southland, December sales were the lowest for that month since 2007, the onset of the housing downturn.
“Some would-be buyers remain priced out or unwilling to buy amid concerns that prices have overshot a sustainable level,” CoreLogic analyst Andrew LePage said.
Story Date: February 12, 2019