Home prices climb countywide

RIVERSIDE – The median price of a single-family home in Riverside County edged up 2.7 percent last month, the California Association of Realtors reported last week.

The median home price countywide in February was $367,250, compared to $357,500 in January, according to CAR.

On a year-to-year level, prices were roughly 11 percent higher; in February 2016, the median price of a single-family dwelling was $330,000, CAR data show.

Statewide, the median price last month was $478,790, compared to $489,680 in January – down 2.2 percent. In February 2016, the median price in California was $444,780, a year-over-year increase of 7.6 percent.

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

CAR President Geoff McIntosh anticipated that California’s housing market “could lose steam in the long term as the Federal Reserve Bank begins to adjust the federal funds rate.” However, he also said the prospect of higher interest rates down the road “may push buyers off the fence to purchase a home.”

According to CAR’s Unsold Inventory Index for February, the median time a property was on the market in California was 33 days before it sold. In Riverside County, it was 50 days.

From January to February, home sales countywide declined 1.1 percent, according to the association.

“The number of active listings has been on a downward trend for the past 20 months and has shown no signs of improvement.” said CAR Vice President and Chief Economist Leslie Appleton-Young.

“As we move into the spring homebuying season, we should see a marginal increase in listings, which will be offset by a pickup in sales,” she said. “The inventory level is not likely to get better in the upcoming months.”

The average price per square foot for an existing single-family home in California last month was $241 – $2 more than in January and $18 more than a year ago, according to CAR.

 

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