Countywide Home Prices Stall, Sales Plummet in October

RIVERSIDE (CNS) – Sales of existing homes in Riverside County dropped by double digits last month, while the median price of a single-family home was virtually unchanged, the California Association of Realtors said today.

In October, home sales countywide were down 19.2% compared to September and were off 42% compared to a year ago, according to CAR.

The association’s Unsold Inventory Index for October indicated that the median time a property was on the market in the county before it sold was 28 days. Statewide, it was 23 days.

“While October’s sales and price results were weaker than what we’ve experienced in the past couple of years and could slow further in the upcoming off-season, the market bottom could be in sight,” CAR President Jennifer Branchini said. “Homes are still selling relatively quickly at 23 days on the market, one in four homes is selling above list price due to limited inventory, and with median price growth remaining positive in four of the five price segments, home prices are holding up reasonably well.”

The median home price countywide in October was $599,990, compared to $600,000 in September, according to CAR.

On a year-over-year level, the price was 3.4% higher; in October 2021, the median price of an existing single-family property was $580,000, data showed.

Statewide, the median price last month was $801,190, compared to $821,680 in September — down 2.5%. In October 2021, the statewide median price was $798,440, reflecting an anemic year-over-year rise of .3%.

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