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Home Prices Continue Edging Upward

The median home price countywide was $245,830 in February, compared to $244,780 in January, according to CAR.

The median price of a single-family home in Riverside County edged up a half-percent last month -- the ninth straight month of increases throughout the county, the California Association of Realtors reported today.

The median home price countywide was $245,830 in February, compared to $244,780 in January, according to CAR.

On a year-to-year level, prices were 22.5 percent higher; in February 2012, the median price of a single-family dwelling was $200,730, CAR data showed.

Statewide, the median price was $333,880 last month, compared to $337,360 in January -- down 1 percent. There was an increase year-over-year, however, of 24.2 percent; in February 2012, the median price of a single-family unit in California was $268,810.

The median represents the point at which half of homes sell above a price, and the other half below it.

According to CAR's Unsold Inventory Index, the average home in California is on the market for 34 days before it sells. In Riverside County, it's 40 days.

Statewide, there's a 3.6-month supply of unsold homes, according to the CAR index.

"With housing inventory dropping nearly 39 percent from a year ago, supply constraints continued to propel strong gains in the median price, but also intensified market competition," said CAR Vice President and Chief Economist Leslie Appleton-Young.

"With an imbalance between supply and demand, home buyers have been fiercely competing with each other," she said. "More than half of home sales are receiving multiple offers, with homes getting an average of four to five offers, and some even more." --City News Service

John Contabile March 15, 2013 at 10:15 PM
And those are county numbers...they are even better for Temecula & Murrieta! Temecula - February median was $325,000, up 24.5% from $261,000 in Feb 2012. Murrieta - February median was $285,000, up 15.6% from $246,500 in Feb 2012. Inventory is super low...less than 3 months for both Temecula & Murrieta. We need homes to sell, so if you are thinking of selling or know anyone who is considering selling or has to sell (financial hardship, foreclosure, etc...) have them contact me at 909-282-7173.
Ken Mayes March 15, 2013 at 11:17 PM
This is a result of the Federal Reserve buying up 45 Billion dollars of mortgage securities every month. What happens when they have to sell. This is gearing up to be 1929 redux.
TVOR March 16, 2013 at 10:28 AM
Home ownership is a pipe dream for more and more of us nowadays.
jill smith March 16, 2013 at 09:35 PM
Smoke and mirrors.
knowtime2waste March 17, 2013 at 06:08 AM
Contact me if youre interested in buying. I have SEVERAL loan programs that ARE attainable. Banks arent as tight as they were. I have progs starting and zero down and up to 3% diamondhillsinv@yahoo.com
American Right March 17, 2013 at 07:42 PM
This area is a clogged nightmare. The real estate market here is as real a Platinum Tiffany at Costco. Low inventory is just a prop created by Fannie and Freddie.
Come2Temecula.com March 18, 2013 at 04:56 AM
Here in Temecula we're down to record low inventory and they ASKING PRICE level is up 42% Year over Year. For more details and charts, please visit our latest summary for Single Family Homes in Temecula. http://www.trulia.com/blog/teamforss/2013/03/temecula_market_update_march_2013_price_jumps_42
American Right March 18, 2013 at 04:28 PM
In Temecula there are sooooo many homes being held back by Freddie and Fannie. You would have to be an idiot to pay 42% more when such a manipulated and fake market exists. I would rather rent and wait for the Obama nightmare to come to fruition.
TVOR March 18, 2013 at 04:59 PM
No offense but I never do business with people who violate the terms of use agreement on a website by spamming in their posts. I realize you need to make a living but this kind of thing reduces the opportunity of the owner of the website to make their living. Peopl don't like to use websites that are full of spam.

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