Home Prices, Sales Near Lake Elsinore, Wildomar Show Increases

The median price of a home in Riverside County rose by 6.5 percent in May, compared with the same month a year ago, while the number of homes sold jumped by 2.4 percent, a real estate information service announced Tuesday.

According to CoreLogic, the median price of a Riverside County home was $330,000 last month, up from $310,000 in May 2015. A total of 3,825 homes were sold in the county, up from 3,737 during the same month the previous year.

A total of 22,466 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 up 5.6 percent from 21,274 in March and up 3.3 percent from 21,754 in May 2015.

The median price of a Southern California home was $459,500 in May, up 0.7 percent from $456,500 in April and up 6.9 percent from $430,000 in May 2015.

"May home sales picked up a bit following a relatively weak start to the spring home-buying season in April, while last month's median sale price inched closer to its all-time high set in 2007," said Andrew LePage, a research analyst for CoreLogic.

"In some ways the market continues to edge toward normalcy. Distressed sales are the lowest in nearly nine years and the investor share of purchases is the lowest in about six years -- closer to the long-term average."

– By City News Service. Image via Shutterstock.