Seller's Market Continues For Riverside County Home Owners

RIVERSIDE COUNTY, CA — The median price of a single-family home in Riverside County edged up last month, but sales of existing homes fell by double-digit percentages, the California Association of Realtors reported Friday.

The median home price countywide in January was $495,500 compared to $488,250 in December, representing a 1.5% increase, according to CAR.

On a year-over-year level, the price was about 19% higher; in January 2020, the median price of an existing single-family property was $415,460, according to data.

Statewide, the median price last month was $699,890, compared to $717,930 in December -- down 3%. In January 2020, the median price was $575,160, reflecting a year-over-year rise of 22%.

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

CAR Chief Economist Jordan Levine said "historically low interest rates" continue to bring buyers into the real estate market.

"The market outlook is stronger than previously projected as buyer demand continues to outstrip supply, but we do expect the current robust market growth to decelerate later this year as the housing shortage intensifies," he said.

Last month, home sales countywide sank about 28%, but were up 12.6% year-to-year, according to CAR.

The association's Unsold Inventory Index for January indicated that the median time a property was on the market before it sold in California was 12 days. In Riverside County, it was 15 days.