The number of homes sold in Riverside County jumped by 12.6 percent in October, compared to the same month a year ago, while prices rose by 17.6 percent, a real estate information service announced today.
A total of 3,407 homes changed hands in Riverside County last month, compared to 3,026 in October 2011, according to DataQuick. The median price of a home in the county in October was $220,000, up from $187,000 in October 2011.
A total of 21,075 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in October, according to DataQuick. That was up 18 percent from 17,859 in September, and up 25.2 percent from 16,829 in October 2011.
The median price for a Southern California home was $315,000 in October, the same as in September but up 16.7 percent from $270,000 in October 2011.
Temecula teeters below the median Southern California home sales price. October figures for cities were not yet available from DataQuick, but according to figures for the previous month, 207 homes sold in Temecula in September. The median sales price in September was $287,250, an 11.34 percent increase from the same month one year ago when it was $258,000.
"Watching the market rebalance itself is fascinating," DataQuick President John Walsh said. "In some categories and in some neighborhoods, demand outstrips supply, pushing up prices. In other areas, the market is still largely dormant. Low interest rates are a huge factor, where mortgages are available, which they aren't for a lot of potential buyers."
—Maggie Avants contributed to this report.