County Home Prices Rose While Sales Dropped in 2023

Connor Forbes
Connor Forbes
3 Min Read
Photo by Tierra Mallorca on Unsplash

Riverside County Home Prices

RIVERSIDE – Though the median price of a sold home in Riverside County dropped by 2% in December when compared to November, median prices rose by 5.7% for the year in 2023.

That median price was $607,500 at year-end, up from $575,000 at the close of 2022, but down from $620,000 at the end of this past November.

While sales increased 2.9% in December compared to November, they were down 2.4% overall in 2023.

This mirrored a statewide trend when home sales in 2023 experienced their steepest decline since 2007, the California Association of Realtors said Wednesday.

Statewide, the median price of an existing single-family home was $819,740 in December, down slightly from $822,200 in November, but above the $770,490 in December of 2022.

The state’s highest median home price in December was San Mateo County’s $1.8 million.

Sales of existing single-family homes in California have been below the 300,000 threshold since September 2022 and will likely stay below that level in the first quarter of 2024, CAR said.

California recorded an annual sales level of 257,630 in 2023, a decline of 24.8% from the revised sales level of 342,530 reported in 2022.

“The housing market had a tough year in 2023 as a shortage of homes for sale and high costs of borrowing continued to have a negative impact on housing inventory and demand,” CAR President Melanie Barker said.

“With mortgage rates expected to come down in the next 12 months, home sales will bounce back as buyers and sellers return to a more favorable housing market. Home prices should see a moderate increase in 2024 as well.”

Sales in all major regions dipped in December on a year-over-year basis, including 6.2% in Southern California.

“Easing inflationary pressure and a soft economic outlook suggest that we will see some interest rate cuts in the upcoming year, which bode well for a housing market recovery,” CAR Senior Vice President and Chief Economist Jordan Levine said.

“With rates declining to a 7-month low in late 2023, Americans are feeling more positive about the market, and we could begin to see some increase in market activity at the start of the year. The improvement is expected to be gradual as tight housing supply will remain the norm in 2024.”

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County Home Prices. Fewer Apply for Home Loans. Picture of a model home and keys
Photo by Tierra Mallorca on Unsplash
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