Ventura County saw a 19.3 percent increase in home sales from April to May, despite the region’s ever-increasing median sale price.
There were 1,022 homes sold in the county last month at a median price of $590,500, an increase from the 857 homes sold in April, according to a report by CoreLogic, an Irvine-based firm that tracks the housing industry. All other Southern California counties cited in the report saw boosts in their month-to-month home sales: 22,874 homes were sold throughout Southern California in May, 10.2 percent more than the 20,752 homes sold in April.
That said, Southern California saw a decrease in home sales last month compared to the May 2017 numbers, when 23,671 homes were sold.
Ventura County was the only county in the report that saw a year-over-year increase in homes sold in May. The 1,022 home sold in Ventura County last month was a 1 percent increase from the 1,012 homes sold in May 2017.
CoreLogic puts more emphasis on long-term trends over month-to-month changes, though.
In the longer term, Southern California’s high housing prices and limited availability have caused the volume of home sales to drop, said CoreLogic research analyst Andrew LePage.
Southern California’s median sale prices are continuing to climb in both the short and long term. Ventura County’s median May home sale price of $590,500 was a 6.9 percent increase from the $552,500 median in May 2017. Southern California’s median home sale price last month was $530,000, an 8.2 percent jump from May 2017’s median home sale price of $490,000.
Ventura County’s all-time high median housing price was $630,000 in December 2005.
Although rising home prices are the norm in Southern California, the region’s numbers are reaching historic heights. The median sale price hit new highs last month in Los Angeles, Orange and San Diego counties, according to the CoreLogic report. The medians in Riverside and San Bernardino counties remained 12 percent and 11.3 percent, respectively, below their late-2006 peaks, while the Ventura County median was 6.3 percent below its December 2005 peak.
Orange County’s median home price last month was $738,500, followed by Los Angeles County, $609,000; Ventura County, $590,500; San Diego County, $570,000; Riverside County, $380,000; and San Bernardino County, $337,000.