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HOUSING: Double-digit drop in January home sales in the Inland market

HOUSING: Double-digit drop in January home sales in the Inland market

HOUSING: Double-digit drop in January home sales in the Inland market

image0-HOUSING: Double-digit drop in January home sales in the Inland market

The CoreLogic DataQuick report for January shows the year got off to a rocky start when it comes to home sales in the Southern California.

Sales slid sharply in the six-county Southern California region from December, and slipped 6.3 percent from January 2014. But the median price that buyers agreed to pay for a home or condo in January jumped.

Price gains in each county were up year-over-year anywhere from 2 to 12 percent.

“The January and February statistics are always interesting, and sometimes a bit strange, but they’re not necessarily a good indication of what’s to come,” Andrew LePage, data analyst for Irvine-based CoreLogic DataQuick, said in a statement.

The numbers can be somewhat deceiving because many traditional buyers and sellers drop out of the market during the holidays, and don’t close deals in those months. For most, spring is seen as a better indicator of price appreciation and buyers in the marketplace.

And this spring, LePage said, many will be watching to see if home equity has risen to a point where lateral and move-up buying will start to occur. New job creation, coupled with relatively low mortgage rates, may be other cards in the deck.

For now, where does the Inland region sit?

The 2,323 single-family homes or condos sold in Riverside County in January are down 9.8 percent from January 2014, but the median price paid for those new or existing homes rose 3.8 percent to $ 287,500. One year earlier, the median was $ 277,000.

The 1,712 homes sold in San Bernardino County in January are down 10.4 percent from January 2014, according to CoreLogic DataQuick. The median price paid rose 7.3 percent to $ 236,000, up from $ 220,000 in January 2014.

Of all six counties, Ventura was the only one to post gains in home sales and median price. Ventura’s 572 home sales are up 8 percent from January 2014, and the median price buyers paid for a home was up nearly 4 percent from one year earlier to $ 462,500.

Contact the writer: 951-368-9423 or dgruszecki@pe.com

Press Enterprise : Real Estate