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

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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