Home prices, sales decline in Riverside County
City News Service
RIVERSIDE, Calif. (KESQ) – Home sales declined in Riverside County in August, 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 264,240 in August. Last month’s home sales edged up 0.9% from the 261,820 homes sold in July and slipped 0.2% from a year ago, when 264,640 homes were sold on an annualized basis, according to CAR.
The statewide annualized sales figure represents what would be the total number of homes sold during 2025 if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
Riverside County sales last month were down 6.2% from July, and down 7.0% from August of 2024.
Meanwhile, home prices fell in Riverside County last month.
The median sale price of an existing, single-family home in Riverside County in August was $625,000, down from $630,000 in July, but an increase from $618,940 a year ago.
August’s statewide median home price $899,140, a 1.7% increase from July and up 1.2% from $888,740 one year ago.
The highest median price in California in August was San Mateo County’s $1.98 million. The lowest was Lassen County’s $221,000.
“Despite a softer-than-expected home buying season this year, a bounce back in pending sales last month is an encouraging sign that sales could improve the rest of the year,” CAR President Heather Ozur said in a statement. “Many prospective homebuyers have been holding out in hopes of lower mortgage rates, and the declining trend in rates observed in the last few weeks could be the nudge that draw them back to the market.”