Countywide home prices edge higher, sales drop considerably

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A home in Temecula displays a ‘for sale’ sign Sunday, April 5, 2020. Valley News/Will Fritz photo
RIVERSIDE (CNS) - 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
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