Home Prices Rise, Sales Slide Countywide

Home Prices Rise, Sales Slide Countywide

Taylor Martinez

RIVERSIDE (CNS) – The median price of a single-family home in Riverside County jumped last month, but sales of existing homes declined, the California Association of Realtors reported Thursday.

The median home price countywide in August was $486,500, compared to $462,000 in July, representing a 5.3% increase, according to CAR.

On a year-over-year level, the price was about 16% higher; in August 2019, the median price of an existing single-family property was $420,000, according to CAR data.

Statewide, the median price last month was $706,900, compared to $666,320 in July — up 6%. In August 2019, the median price was $617,410, reflecting a year-over-year rise of 14.5%. The median represents the point at which half of homes sell above a price, and the other half below it.

CAR Chief Economist Leslie Appleton-Young said the real estate market is contending with constrained supply and high demand.

“Low (interest) rates and tight housing inventory are contributing factors to the statewide median price setting a new record high three months in a row, from June to August,” she said. “A change in the mix of sales is another variable that keeps pushing median prices higher, as sales growth of higher-priced properties continued to outpace their more affordable counterparts.”

Last month, home sales countywide sank about 3%, but they were up 8.2% year-to-year, according to CAR.

The association’s Unsold Inventory Index for August indicated that the median time a property was on the market before it sold in California was 13 days. In Riverside County, it was 19 days.

The average price per square foot for an existing single-family home in California last month was $315 — $28 more than in August 2019.

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