September Home Sales
RIVERSIDE (CNS) – Home sales rebounded across California last month, increasing on both a month-to-month and year-to-year basis, the California Association of Realtors announced Wednesday.
Sales numbers were only slightly higher in Riverside County for the month, but showed a significant gain over last year.
Closed escrow sales of existing, single-family detached homes in Riverside County rose 0.9% over August’s numbers, but were up 11.2% year-over- year.
Statewide, September sales were up 5% from the previous month, and 6.6% year-over-year.
“It’s great to see that home sales bounced back in September to their highest level in seven months as mortgage rates hit their lowest point since last October,” Palm Springs Realtor Heather Ozur said. “Even though rates have inched up a bit, they’re still in the low 6% range, which should help keep the market steady through the end of the year.”
The yearly sales numbers reported by CAR are on a seasonally adjusted annualized rate, adjusted to account for seasonal factors that typically influence home sales.
“The housing market showed modest improvement in September, with both sales and prices up from a year ago,” CAR Senior Vice President and Chief Economist Jordan Levine said in a statement. “Steady mortgage rates may give demand a small boost heading into the fourth quarter, but broader economic uncertainty — like the ongoing government shutdown and renewed U.S.-China trade tensions — will likely keep the recovery gradual.”
The median selling price of an existing, single-family home in California dropped 1.7% in September to $883,640, but that was still 1.8% higher than last year’s $868,150. The monthly decrease aligns with the long- term average decline of 1.8% between August and September, according to CAR.
In Riverside County, the median price dropped 0.2% from August to $624,000, but was up 3.1% over last year.
For the Inland Empire as a whole, the median price was down 1.5% in September to $591,010, but up 1.9% from September 2024.
The highest median price in California in September was San Mateo County’s $2.15 million. The lowest was Trinity County’s $210,000.
For More Housing News Visit www.zapinin.com