RIVERSIDE – The median price of a single-family home in Riverside County barely budged last month, while sales of existing homes dropped by double digits, the California Association of Realtors reported today.
The median home price countywide in July was $385,500, compared to $385,000 in June, according to CAR.
On a year-over-year level, the price was about 7 percent higher; in July 2016, the median price of an existing single-family dwelling was $359,900, CAR data showed.
Statewide, the median price last month was $549,460, compared to $555,410 in June — down 1 percent. In July 2016, the median price was $511,420, an increase of 7.4 percent, according to the Los Angeles-based realtors’ group.
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 July, the median time a property was on the market in California was 23 days before it sold. In Riverside County, it was 27 days.
From June to July, home sales countywide plummeted 22 percent, according to CAR.
“Tight inventory remained the fuel to upward momentum in home prices, particularly in the Bay Area and other high-priced markets,” said CAR’s chief economist, Leslie Appleton-Young. “With supply is expected to be tight for the rest of the year, home prices should grow moderately in the next few months.”
The average price per square foot for an existing single-family home in California last month was $270 — $1 more than in June and $19 more than a year ago.