Desert Home Prices Rise A Bit, Sales Edge Down

RIVERSIDE -Home sales in the Riverside/San Bernardino area fell 13.5 percent in November compared to the same time last year, and were down 17.6 percent from the previous month, according to figures released today.

The median price of an existing single-family home in the area last month was $177,840, down 12.3 percent from $202,740 in November of last year, and up 3.6 percent from $171,600 in October, according to the California Association of Realtors.

In the Palm Springs/Lower Desert area, the median home price was $172,070, down 6.3 percent from the same month in 2008, and up 4.7 percent from the October median price of $164,390. Home sales in the area rose by 26.5 percent in November, compared to November 2008, but were down 8.7 percent from October.

Statewide, home sales increased 26.3 percent in November, compared to the same month a year ago, but were down 14.8 percent from the previous month, according to CAR.

“First-time buyers continued to drive the market in November, as many opened escrow to take advantage of the federal tax credit prior to its original November 30 expiration,” said CAR President Steve Goddard. “The extension and expansion of the tax credit until April 30, 2010, along with low interest rates, should continue to positively impact the market in coming months.”

The median price of an existing, single-family detached home in California in November was $304,520, a 5.8 percent increase from the $287,880 during the same month last year, and up 2.4 percent from October’s $297,500.

“With sales bottoming out more than two years ago, and the median home price reaching its trough in February 2009, California remains ahead of the nation in market recovery,” said CAR Vice President and Chief Economist Leslie Appleton-Young. “The median price for most regions hit bottom during the first half of the year, and the statewide median home price now is nearly $60,000 higher than its lowest point in the current cycle.”