Big jump for median home price in Riverside County

The median price of a home in Riverside County rose 35.8 percent in June, compared to the same month a year ago, while the statewide median remained above $400,000 for the third straight month, according to figures released Friday by the Los Angeles-based California Association of Realtors.

The median price of a Riverside County home was $298,470 in June, up from $219,850 in June 2012, according to CAR. June’s median price was 5.6 percent higher than May, when the median was $282,560. Home sales in the county dropped by 6.5 percent between May and June, and were down 17.1 percent from June 2012.

Statewide, the median price of a single-family home was $428,510 in June, up 33.5 percent from $320,990 in June 2012, according to CAR. It was the 16th straight month of year-over-year increases in the statewide median price, and it marked a full year of double-digit annual gains, according to CAR.

“Despite a small increase in inventory, the supply of housing remains tight in most parts of the state and continues to fuel home price increases,” CAR President Don Faught said. “The surge in home prices in the past year has given homeowners with previous underwater properties an opportunity to become

trade-up buyers. However, many are finding this difficult because they either lack sufficient cash for a down payment or they are concerned that if they sell, they will have no place to go, given limited inventory. Others may be waiting on the sidelines for values to gain even more before selling, which further contributes to tight inventory.”

The number of homes sold in California dropped by 3.8 percent between May and June, and fell 3.7 percent from June 2012, according to CAR.