Riverside County house hunters emerged from a slump in May, boosting sales over the year-ago period for the first time in 10 months.
CoreLogic reported that overall sales in Riverside County for May totaled 4,241 homes, up 1.6% in a year. Last gain was in July 2018. The countywide median selling price of $392,000 was up 3.3% in a year.
In a six-county Southern California region, 22,300 homes sold down 2.7% in a year. The median selling price of $530,000 was up 0.2% in a year.
As for Riverside County’s supply, ReportsOnHousing says as of June 13 there were 8,911 existing residences listed for sale, up 6% in a year but off 4% vs. the 2014-18 average. One reason: It’s harder to sell with the report’s selling speed metric at 83 days vs. 77 days a year earlier.
In key slices of the May market …
Sales of existing single-family homes: 3,118 — up 2.7% in a year. Median of $395,000 was up 4.1% in 12 months.
Existing condo sales: 579 — down 2.9% in a year. Median of $300,000 was up 9.1% in 12 months.
New homes: Builders sold 544 — up 0.4% in a year. Median of $437,000 was up 1.6% in 12 months.
ReportsOnHousing’s tracking of new escrows gives hints at future closed sales. As of June 13, Riverside County house hunters had 3,227 agreements to purchase in process, down -1.2% in a year.
As for the four-county region’s supply, 36,511 listings, up 15% in a year and up 7% vs. the five-year pace. Regional selling speed? 67 days vs. 59 days a year earlier. And escrows? 16,362 — down 0.9% in a year.