Home Prices Creep Higher in Riverside County

The median price of a single-family home in Riverside County edged up 2 percent last month, while sales of existing homes remained flat, the California Association of Realtors reported today.

The median home price countywide was $322,700 in October, compared to $316,500 in September, according to CAR.

On a year-to-year level, the October 2014 price was roughly 9 percent higher that the $296,640 median price in October 2013, according to CAR.

Statewide, the median price for a single-family home in October was $450,620, up 5.4 percent from the $427,540 median price during the same period a year ago but a decrease of 2.3 percent from the $461,370 recorded in September 2014, according to CAR. Year-over-year home sales across the state were down 1.9 percent.

The median represents the point at which half of homes sell above a price, and the other half below it.

According to CAR’s Unsold Inventory Index for October, the average home in California was on the market for 42 days before it sold. In Riverside County, it was 57 days.

Statewide, there’s a 3.8 months supply of unsold homes, according to the CAR index.

“While home sales essentially were unchanged statewide, there were pockets of strong sales growth, especially in coastal regions,” said CAR Vice President and Chief Economist Leslie Appleton-Young. “If current price and rate conditions persist, overall home sales should improve for the rest of the year.”

According to the association, multiple bids on properties is giving way to more negotiated deals, and homes are generally selling below list price.

The median price per square foot for an existing single-family home in California last month was $216 -- an increase of two-tenths of a percent compared to September, and a 6.4 percent increase from October 2013.

--City News Service