Home Prices Creep Higher Countywide

RIVERSIDE COUNTY, CA – The median price of a single-family home in Riverside County climbed 2.1 percent in the month of December, the California Association of Realtors said Thursday.

The median home price countywide in December was $360,000, compared to $352,500 in November, according to the association.

On a year-to-year level, Riverside County house prices were roughly 6 percent higher; in December 2015, the median price of a single-family dwelling was $341,000, CAR data showed.

Statewide, the median price last month was $509,060, compared to $501,710 in November -- up 1.5 percent. In December 2015, the median price was $489,770, an increase of 3.9 percent, according to figures.

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 December, the median time a property was on the market in California was 33 days before it sold. In Riverside County, it was 47 days.

From November to December, home sales countywide edged up 4.1 percent, according to CAR.

"While we had a decent fourth quarter performance, it by no means indicates that the market will be easy in the upcoming year," said CAR Vice President and Chief Economist Leslie Appleton-Young. "Looking ahead, we expect plenty of headwinds in 2017, including rising interest rates, scarce housing inventory and a persistent affordability crunch, along with many uncertainties in the policy arena."

The average price per square foot for an existing single-family home in California last month was $241 -- $9 less than in November but $9 more than a year ago, according to CAR.

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