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Home Sales Drop, Prices Rise in Riverside County

The median price of a home in Riverside County in August was $210,000; in Murrieta in July it was $260,000.

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.

Bill Burchard September 16, 2012 at 02:38 PM
Here's info on Murrieta real estate, current as of September 15, 2012: http://murrieta.patch.com/blog_posts/murrieta-ca-real-estate-weekly-recap-september-15-2012
Voodkokk September 16, 2012 at 03:34 PM
Home prices did not rise 10.5 percent. The Riverside Tax collector will use that as justification to raise your taxes. It is time for an investigation of the tax collecgtor. How is it that for the last 4 years our home prices have fallen and our taxes were about 30k higher than what you could sell your house for.
Galactic Cannibal September 16, 2012 at 08:58 PM
What a load of bollox.
KTMDAD September 17, 2012 at 11:32 PM
KTMDAD September 17, 2012 at 11:36 PM
Voodkokk: The County Tax Collector does not set your tax rate The County Assessor does which is an elected position. The County Tax Collector only collects the taxes and does not set the value.. Assessed values in Riverside County have dropped over 15% in total, meaning the more recent your purchase the more your values have come down. If you have owned your home for more than a few years its value could continue to rise. FYI....


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