Home Sales Slow in September
RIVERSIDE (CNS) – Home sales slowed in September in Riverside County and across the state, the California Association of Realtors announced Thursday.
The county saw an 0.8% decline in sales compared to August, and a 1.8% decrease over September 2023.
Statewide, September’s sales pace fell 3.4% from the 262,050 homes sold in August and was up 5.1% from a year ago, when a revised 240,840 homes were sold on an annualized basis. The sales pace has remained below the 300,000- threshold for the past two years, while year-to-date home sales edged up 0.9% from the first nine months of 2023, according to statewide figures.
“The inventory of homes for sale has steadily improved in recent months as the market moves into the typical off-peak home-buying season,” CAR President Melanie Barker said in a statement. “With home prices likely to moderate further in the coming months, the fourth quarter could offer an opportunity for potential buyers who have been waiting to re-enter the market, especially as interest rates gradually return to historical averages.”
The median price of an existing, single-family home declined in Riverside County, from $630,000 in August to $625,000 in September — up from $600,000 at the same time last year.
In Southern California, the lowest median price in September was Imperial County’s $397,500, showing a 3.2% decrease from the previous month’s figure.
The median number of days it took to sell a Riverside County single- family home was 31 days in September, six days more than September of last year.
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