Riverside County home prices hold steady in May

RIVERSIDE (CNS) - Riverside County's median home price held steady in May while sales activity showed little change, according to data released today by the California Association of Realtors.

The median price of an existing single-family home in Riverside County was $640,000 in May, unchanged from April and up 0.3% from $638,000 a year ago. Home sales in the county increased 0.2% from April but were down 2.2% from May 2025, according to CAR.

Statewide, existing single-family home sales totaled a seasonally adjusted annualized rate of 268,810 units in May, down 3.1% from April but up 5.1% from a year earlier, marking the largest year-over-year increase since September. California's median home price reached a record $930,260 in May, up 2.3% from April and 3.1% higher than a year ago.

``California's home sales softened in May as broader economic uncertainty continued to weigh on consumer confidence and homebuying sentiment,'' CAR President Tamara Suminski said in a statement.

``Even so, the recent easing in mortgage rates is an encouraging development, and if that trend continues, it could help bring more buyers and sellers back into the market and support a gradual improvement in housing conditions beginning in the third quarter.''

Sales of higher-priced homes continued to outpace the broader market. Homes priced between $1 million and $2 million posted an 8.2% increase in sales from a year ago, while homes priced above $2 million saw sales rise 8.5%, according to CAR.

``Housing supply has remained constrained in recent months as the lock-in effect continued to put many would-be sellers on the sidelines, intensifying competition and placing upward pressure on home prices,'' CAR Senior Vice President and Chief Economist Jordan Levine said in a statement.