Home Prices Continue Upward Trend Near Banning, Beaumont

RIVERSIDE COUNTY, CA — The median price of a home in Riverside County rose by 5.8 percent in July, compared with the same month a year earlier, a real estate information service announced Thursday.

According to CoreLogic, the median price of a Riverside County home was $386,000 last month, up from $365,000 in July 2017. A total of 3,735 homes were sold in the county, up 3.5 percent from 3,607 during the same month the previous year.

A total of 21,277 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, according to CoreLogic. That was down 6.6 percent from 22,786 in June, and up 0.3 percent from 21,214 in July 2017.

The median price of a Southern California home was $530,000 in July, down 1.3 percent from the record high of $537,000 in June and up 5.8 percent from $501,000 in July 2017.

"It's not unusual for a regional median sale price to fall back a bit from an all-time high, such as the $537,000 record median logged this June," said Andrew LePage, research analyst with CoreLogic. "Last month's median price was up 5.8 percent relative to last July, which was the lowest annual growth in 18 months and a further sign of the continuing erosion or affordability."

— By City News Service / Image via Shutterstock