The annual price growth among single-family homes sold across Southern California continued to grow in June, with San Bernardino County leading the gains.
The county with the region’s most affordable homes saw a robust price increase last month, according to the California Association of REALTORS®, rising to $310,000, a 5.7% increase from June 2018.
That year-over-year increase eclipsed Southern California’s five other counties.
Median sale prices in June were $842,000 in Orange County, an increase of 0.8% year-over-year; $599,680 in Los Angeles County for a 2.3% boost; $420,000 in Riverside County, up 3.7% and $655,000 in San Diego County, 2.3% higher than 12 months earlier.
Month over month, median single-family home prices have increased by 11.2% in Los Angeles County and 2.3% in San Diego County, declined 1.6% in San Bernardino County and by 0.4% in Orange County.
Interest Rates Make an Impact
Lower interest rates have gotten a lot of buyers off the fence, said one Inland sales associate.
“A lot of people early in the year were just testing the market but they were teeter-tottering and didn’t know what they’d do,” said CVAR member Jonathan Perea, a REALTOR® with Century 21 King in Rancho Cucamonga. “Now we have a lot of buyers willing to pull the trigger.”
Sellers, in turn, are holding back on saying yes while seeking better bids, Perea said. He said many of the sellers want to buy bigger homes in the area and that sales in High Desert communities are especially strong.
Home sales in Southern California were down 9.1 percent year over year, with every county outside of Ventura (0.6 percent) posting declines. Los Angeles sales fell 12.6 percent followed by San Diego (-12.5 percent), Orange (-7.6 percent), San Bernardino (-7.2 percent) and Riverside (-4 percent).
The sales numbers from May to June showed an increase of 5.7% in San Bernardino County while the rest of the region declined. Los Angeles County saw a 10.8% decline, with San Diego County’s sales falling 10.2% in that period. Riverside and Orange counties’ declines were 8.3% and 4.7%, respectively.