Home Prices Decline
RIVERSIDE (CNS) – Home sales held steady in Riverside County in June, while rising statewide after three straight months of decline, the California Association of Realtors announced.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 264,260 last month. June home sales activity rose 4% from the 254,190 homes sold in May but was down 0.3% from a year ago, CAR announced on Thursday.
The statewide annualized sales figure represents what would be the total number of homes sold during 2025 if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
Riverside County sales were unchanged from May, but up 2% from June of 2024.
Meanwhile, home prices fell in Riverside County and statewide. The median sold price of an existing, single-family home in Riverside County in June was $635,000, down from $638,000 in May, but identical to the $638,000 from June of last year.
June’s statewide median home price was $899,560, down 0.1% from May and down 0.1% from $900,720 in June 2024.
“With more properties on the market and price growth flattening, conditions have become more favorable for prospective buyers who have been waiting on the sidelines to re-enter the market and take advantage of increased negotiating power,” said CAR President Heather Ozur, a Palm Springs Realtor. “While sales could remain soft at the start of the third quarter, recent improvements in housing sentiment suggest that the market could see a bounce- back in the second half of the year.”
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