Existing home sales in Riverside County were down 7.6 percent from one year earlier and down 1.7 percent from June. With inventory levels at unchanged 2.9 month levels for the state, but a slightly larger supply of homes in Riverside County at 3.1 months, the reason for the decline could be pinned on:
Price: The median sold price of an existing home in Riverside County rose 32.5 percent to $294,300 from $223,740 in July 2012. The sold price for a home in Riverside County is also down 1.4 percent from $298,470 in June.
Interest Rates: Mortgage rates began to spike up in June, and continued to rise in July to average 4.3 percent for a 30-year, fixed mortgage, according to Freddie Mac. The rates were 3.5 percent in July 2012.
San Bernardino County Experience: Home sales were up 7 percent from July 2012 and up 5.2 percent from June — despite the rise in lending rates.
The gain might be pinned on price. The median sold price of existing single-family homes in San Bernardino County was $180,270, up from $174,650 in June and up from $145,710 in July 2012.
The California Association of Realtors vice president and chief economist Leslie Appleton-Young said the constrained supply of homes over the last year has pumped up home price increases significantly — particularly in the coastal areas.
Looking ahead, Young is expecting to see strong price growth continue but at a less accelerated pace.
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