Home Prices, Sales Slide Near Palm Desert

RIVERSIDE COUNTY, CA — The median price of a single-family home in Riverside County dipped last month, along with the number of home sales, the California Association of Realtors reported Monday.

The median home price countywide in June was $405,000, compared to $409,925 in May, representing a 1.2 percent decline, according to CAR.

On a year-over-year level, the price was about 5 percent higher; in June 2017, the median price of an existing single-family dwelling was $385,000, according to CAR data.

Statewide, the median price last month was $602,760, compared to $600,860 in May -- up .3 percent. In June 2017, the median price was $555,420, reflecting a year-over-year gain totaling 8.5 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 fell 3 percent, and they were down 17 percent year-to-year, according to CAR.

The association's Unsold Inventory Index for June indicated that the median time a property was on the market before it sold in California was 15 days. In Riverside County, it was 26 days.

The average price per square foot for an existing single-family home in California last month was $290 -- $4 more than in May and $20 more than a year ago.

— By City News Service / Image via Shutterstock