RIVERSIDE (CNS) – Prices of homes in Riverside County edged up in October for the second straight month, showing an increase from the prices of a year ago, the California Association of Realtors reported Friday.
The median sale price of a single-family home in the county was $620,960 last month, up from $600,000 in September, with a rise from $599,990 in October 2022, according to the association.
In October, Riverside County’s ratio of new houses for sale to new houses sold was 3.4, a rise from 3.0 in September. The ratio in October 2022 was 3.9, according to CAR’s survey. Time on the market last month was 26 days.
Statewide, October’s median home price was $840,360, down 0.4% from September and up 5.3% from October 2022, the report concluded.
Sales of existing single-family homes in California remained below the 250,000-unit pace for the second consecutive month. The annual decline was the 28th straight drop, but the decline was the smallest in the last four months, CAR said.
“A sizable jump in interest rates kept home sales constrained in October and will likely hamper home sales for the remainder of the year,” CAR President Jennifer Branchini said of the statewide numbers. “Despite rates remaining elevated, many other factors have swung in favor of buyers recently including more properties staying on the market longer before selling and fewer homes selling over list price, which could motivate more sellers to offer concessions.”
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