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Median Home Prices Continue to Rise in Temecula, Riverside County

The median price of a Riverside County home was $265,000 last month, up from $210,500 in July 2012, it was reported Wednesday.

Median home prices in Riverside County see year-over-year increases. (Patch file photo)
Median home prices in Riverside County see year-over-year increases. (Patch file photo)

The median price of a home in Riverside County increased by 25.9 percent in July, compared with the same month a year ago, while the number of homes sold rose by 14.9 percent, a real estate information service announced Wednesday.

According to DataQuick, the median price of a Riverside County home was $265,000 last month, up from $210,500 in July 2012. A total of 4,076 homes were sold in the county, up from 3,546 during the same month last year.

DataQuick as of Wednesday had not yet published Temecula market figures for July, but reported that during June, 248 homes were sold in the city at a median price of $355,000—a nearly 23 percent increase from the same month one year ago.

A total of 25,419 new and resale houses and condos changed hands in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in July, according to DataQuick. That was a 17.6 percent jump from 21,608 in June and up 23.5 percent from 20,588  in July 2012.

The median price for a Southern California home was $385,000 in July -- the same as in June but up 25.8 percent from $306,000 in July 2012. According to DataQuick, the June and July median prices were the highest for any month since April 2008, when the median was also $385,000.

"July home sales came in very strong, and we think a lot of the increase in activity can be chalked up to a rising inventory of homes for sale," DataQuick President John Walsh said. "The jump in mortgage rates a couple of months back might have spurred more buying too. The market continues its re-balancing act, with more and more people who've been underwater now able to sell their homes at a profit, or at least break even."

—City News Service and Maggie Avants contributed to this report.


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