Countywide home prices and sales climb in June

The median price of a single-family home in Riverside County climbed nearly 3% last month, while sales of existing homes also increased, the California Association of Realtors said July 16.

The median home price countywide in June was $575,000, compared to $560,500 in May, representing a 2.7% increase, according to CAR. On a year-over-year level, the price was 28% higher; in June 2020, the median price of an existing single-family property was $450,000, data showed.

Statewide, the median home price last month was $819,630, compared to $818,260 in May – up 0.2%. In June 2020, the median price was $626,170, reflecting a year-over-year rise of 31%. The median represents the point at which half of homes sell above a price, and the other half below it.

“Tight supply, low rates and the change in the mix of sales continue to be the primary factors pushing up home prices to record levels,” CAR Chief Economist Jordan Levine said. “However, we are expecting price growth to slow from this point on as the top end of the market begins moderating.”

He anticipated “lackluster” sales activity for the second half of the year.

Last month, home sales countywide picked up steam, rising 7.2%, and they were up 17% year-over-year, according to CAR.

The association’s Unsold Inventory Index for June indicated that the median time a property was on the market before it sold in California was eight days, and it was the same in Riverside County.