This post was contributed by a community member. The views expressed here are the author's own.

Business & Tech

Home Sales in Riverside County Up

Sales jumped by nine percent in May compared to the same time in 2011.

Home sales in Riverside County jumped by 9 percent in May, compared to the same month a year ago, while prices rose by 4.1 percent, a real estate information service announced today.

A total of 3,973 homes changed hands locally last month, compared to 3,644 in May 2011, according to San Diego-based DataQuick. The median price of a home in Riverside County in May was $205,000, up from $197,000 in May 2011.

A total of 22,192 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in May,
according to DataQuick. That was up 15.1 percent from 19,284 in April, and up
20.6 percent from 18,394 in May 2011.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

The median price for a Southern California home was $295,000 last month,
up 1.7 percent from $290,000 in April and up 5.4 percent from $280,000 in May 2011.

"The market is being slowly nursed back to health by low-interest rates, a modestly improved economy and, we suspect, a widening sense that the
housing sector is at or near bottom," said John Walsh, DataQuick president. "There's still plenty of uncertainty swirling around out there. But it looks like more move-up buyers are concluding it makes sense in the long run to sell their homes now, even when it's hard to swallow the price."

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?