Home Prices Edge Up In Riverside County

Median home prices in Riverside County crept up last month, along with home sales, which posted a nearly double-digit increase, according to data released today by the California Association of Realtors.

CAR’s monthly report on inventory and price activity indicated that the median price of a single-family home in Riverside County in June was $202,910, compared to $200,000 in May — a 1.5 percent rise.

Compared to a year ago, however, prices were down 5.3 percent.

The median level represents the midpoint of values.

Figures showed that existing homes sales in the county were up 9.2 percent from May to June, and down 1.7 percent from June 2010.

The median time a home remained on the market in June was 53.4 days, compared to 57.8 days in May and 44.6 days a year ago, according to CAR.

County-level data generally tracked with statewide activity.

Median home prices in California last month edged up 1 percent to $295,300, from $292,420 in May. Prices were off 5.9 percent compared to a year ago, when the median price of a single-family home was $313,890.

According to CAR, sales of existing homes statewide rose 1.2 percent month-to-month. The median number of days required to sell a home was 50.3.

“Looking across the state, a number of areas are showing signs of strength, especially in the San Francisco Bay Area, primarily because of the strong performing tech industry,” said CAR Chief Economist Leslie Appleton- Young. “Alameda, Contra Costa, Marin, San Francisco and Santa Clara counties all posted solid sales and price gains from May levels.”

CAR’s president, Beth Peerce, warned that the positive signals shouldn’t be interpreted as a turnaround for the state’s real estate market. She said federal changes to mortgage loan limits and down-payment requirements set to take effect Sept. 30 could “adversely affect the market.”