Home Prices Climb Near Lake Elsinore, Sales Slide Countywide

RIVERSIDE COUNTY, CA — The median price of a single-family home in Riverside County edged higher last month, while sales of existing homes dropped by double digits, the California Association of Realtors said Monday.

The median home price countywide in September was $405,950, compared to $400,750 in August, representing a 1.3 percent increase, according to CAR.

On a year-over-year level, the price was about 5 percent higher; in September 2017, the median price of an existing single-family property was $385,700, according to data.

Statewide, the median price last month was $578,850, compared to $596,410 in August -- down roughly 3 percent. In September 2017, the median price was $555,400, reflecting a year-over-year gain of 4 percent.

The median represents the point at which half of homes sell above a price, and the other half below it.

Last month, home sales countywide sank 16.6 percent, and they were down about 10 percent year-to-year, according to CAR.

The association's Unsold Inventory Index for September indicated that the median time a property was on the market before it sold in California was 23 days. In Riverside County, it was 34 days.

The average price per square foot for an existing single-family home in California last month was $282 -- $1 less than in August. In Riverside County, the average price was $204 per square foot, compared to $203 in August.

— By City News Service / Image via Shutterstock