Hot summer days have Southern Californians moving at tortoise pace. But the heat hasn’t slowed the homebuying market.
Despite low inventory, California saw sizzling sales in June. The pace was the highest in nearly four years, according to the California Association of Realtors.
The Inland Empire saw a 10.4 percent increase of existing home sales year over year, the biggest gain for regions in the state. The Los Angeles metropolitan area came in second at 8.3 percent, followed by the Bay Area at 6.1 percent.
The median price for existing homes in the Inland Empire hit $346,380, up $5,670 from May and $27,280 from a year ago, when the median was $319,100.
In Riverside County, the median was $385,000, less than half of Orange County’s median of $795,000, which may explain part of the Inland rise. Economists say the high cost of living in this state is turning coastal residents into Inland commuters.
In San Bernardino County, the median was $274,330.
The statewide median was $555,150, its highest level since August, 2007 and up 7 percent from the revised $518,830 of June 2016.
Low inventory is the biggest factor affecting the state’s housing market, association president Geoff McIntosh said in a news release. Active listings have declined 13.5 percent from a year ago.
Riverside’s unsold inventory index was 2.8 in June, meaning the number of months it would take to sell the current inventory at the current rate of sales. A year ago, the index was 3.6. Homes were spending a median of 26.8 days on the market, down from 48.9 days a year ago.
In San Bernardino County, the unsold inventory index was 3 in June, down from 3.9 a…
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