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Home sales in Riverside County jumped 4.1 percent in May, compared to the same month a year ago, but prices dipped by 28.6 percent, a real estate information service reported Monday.

According to DataQuick, bargain shoppers pushed Southern California home sales higher in May compared to April, but it was still the slowest May in more than 20 years.

“What horsepower this market can generate right now is mainly fueled by bargain shopping, especially by first-time buyers and investors in inland areas,” said Andrew LePage, a DataQuick analyst. “Meanwhile, sales remain especially slow in most higher-end markets, with jumbo mortgages making up only a slightly higher percentage of all purchase loans in May than in April.”

Tags: andrew lepage, bargain shoppers, bargain shopping, california home, california home sales, first time buyers, horsepower, investors, jumbo mortgages, mortgages, purchase loans, real estate information, real estate information service, riverside county, Southern California

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