Home prices, sales decline in Riverside County
City News Service
RIVERSIDE, Calif. (KESQ) – Home sales declined in Riverside County and statewide in July, the California Association of Realtors announced today.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 261,820 last month. July home sales activity dipped 1% from the annualized rate of 264,400 homes in June and was down 4.1% from a year ago, when that annualized rate was 272,990, according to CAR.
The statewide annualized sales figure represents what would be the total number of homes sold during 2025 if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
Riverside County sales were down 5% from June, and down 7.4% from July of 2024.
Meanwhile, home prices fell in Riverside County and statewide. The median sale price of an existing, single-family home in Riverside County in July was $630,000, down from $635,000 in June, and a decline from $639,670 in July last year.
July’s statewide median home price was $884,050, down 1.7% from June and down 0.3% from $886,420 one year ago.
“The housing market experienced a modest slowdown in both sales and prices in July as some buyers stepped back, waiting for more certainty in the market and broader economy,” CAR President Heather Ozur said in a statement. “Encouragingly, mortgage rates have recently declined to their lowest level since last October, and that has already led to an increase in purchase applications. If this trend continues, we could see stronger buyer activity and renewed demand in the months ahead.”