Countywide home prices creep up in August

RIVERSIDE – The median price of an existing single-family home in Riverside County rose slightly in August, in conjunction with higher home sales, the California Association of Realtors reported.

The median home price countywide in August was $388,500, compared to $385,500 in July, according to CAR.

On a year-over-year level, the price was about 9 percent higher; in August 2016, the median price of an existing single-family dwelling was $355,000.

Statewide, the median price last month was $565,330, compared to $549,460 in July – up 3 percent. In August 2016, the median price was $527,490, a difference of 7.2 percent, according to CAR’s 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 August, the median time a property was on the market in California was 28 days before it sold. In Riverside County, it was 49 days.

From July to August, home sales countywide expanded 6.3 percent, according to CAR.

“While August’s strong housing market performance is encouraging, it’s really a tale of two markets,” CAR President Geoff McIntosh said. “Despite sales growth across all segments of the market, lower-priced homes are particularly inventory-constrained, which leads to weaker sales growth, faster rising prices and fierce competition for the few homes that are listed. These homes are selling faster than historically and for top dollar, adversely impacting entry-level buyers who are already struggling to afford to buy their very first home.”

The average price per square foot for an existing single-family home in California last month was $268 – $2 less than in July and $18 more than a year ago, according to CAR.

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