RIVERSIDE – Home sales in Riverside County rose 11.8 percent in June, compared with the same month a year ago, but prices fell by 31.3 percent, a real estate information service reported Wednesday.
A total of 3,757 homes sold in Riverside County last month, compared to 3,359 in June 2007, according to DataQuick Information Systems.
The median price of a home in Riverside County was $275,000, down from $400,000 in the same month a year ago, according to DataQuick.
According to DataQuick, home sales in Southern California were at the slowest pace in more than two decades last month as potential buyers and sellers held off or struggled to get mortgage financing.
“The mortgage market turbulence is putting quite a bit of activity on hold,” said DataQuick President John Walsh.
“Policy decisions about underwriting don't really mean much if there's little or no money to lend,” he said. “Even some very well-qualified households aren't getting mortgages these days, although this could all change fast if liquidity comes back.”
A total of 17,424 new and resale houses and condominiums sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in June. That's up 3 percent from the 16,917 homes that sold the previous month, but down 13.6 percent from the 20,166 sold in June 2007, according to DataQuick.
The median price paid for a Southland home was $355,000 last month, down 4.1 percent from $370,000 in May and down 29.3 percent from $502,000 in June of last year, according DataQuick.