Home sales in Riverside County dropped by 3.4 percent in August, compared to the same month a year ago, while prices rose by 10.5 percent, a real estate information service announced today.
A total of 3,520 homes changed hands in Riverside County last month, compared to 3,643 in August 2011, according to DataQuick. The median price of a home in Riverside County in August was $210,000, up from $190,000 in August 2011.
While DataQuick's August numbers for Murrieta were not yet available, the real estate service showed 224 homes were sold in the city during July. The city's median sales price in July was $260,000, up from $242,000 12 months ago—a increase of 7.44 percent.
A total of 22,438 new and resale houses and condos sold in August in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in August, according to DataQuick. That was up 9 percent from 20,588 in July, and up 14.2 percent from 19,654 in August 2011.
The median price for a Southern California home was $309,000 last month, up 1 percent from $306,000 in July and up 10.8 percent from $279,000 in August 2011.
"August was the strongest month for home sales so far this year, and the strongest for an August in six years," DataQuick President John Walsh said. "That's really saying something given the drop in low-end sales, especially foreclosure resales. Much of the pickup in activity reflects a continuation of trends we've seen for months, like the unleashing of pent-up demand in move-up markets and high levels of cash and investor buying."
—Maggie Avants contributed to this report.