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Home Prices Continue To Rise

Home prices across the county are rising, according to the California Association of Realtors.

The median price of a single-family home in Riverside County edged up nearly 1 percent last month, following a pattern of general price increases throughout the state, the California Association of Realtors reported today.

The median home price countywide was $228,900 in September, compared to $227,740 in August, according to CAR.

On a year-to-year level, prices were 14.5 percent higher. In September 2011, the median price of a single-family dwelling was $199,890, CAR data showed.

Statewide, the median price was $345,000 last month, compared to $343,820 in August -- up three-tenths of a percentage point. The year-over-year increase was 19.5 percent. In September 2011, the median price of a single- family unit in California was $288,700.

It's the seventh straight month median home prices have risen across the state, according to CAR. 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 39 days before it sells. In Riverside County, it's 46 days.

Statewide, there is a 3.7 months supply of unsold homes, according to the CAR index.

"For the state, at 3.7 months of supply, unsold inventory is still less than half what it would be in a normal market," said CAR Vice President and Chief Economist Leslie Appleton-Young. "As a result of the constrained supply at the moderate and lower end of the market, sales of homes priced under $200,000 dropped nearly 28 percent, and homes priced $200,000-$300,000 fell more than 15 percent in September.

"By contrast, in the upper price range, where inventory isn't as much of an issue, sales of homes priced $400,000-$500,000 rose more than 14 percent, and those priced above $500,000 increased more than 15 percent," she said.

Sher October 15, 2012 at 09:17 PM
I don't believe it! There are too many foreclosures to have house prices rise!
Michael Rowe October 15, 2012 at 09:35 PM
An indicated 1% rise pitted against over a 50% decline. What's to get all excited about? Prices need to increase by 100% to get back to 2007 levels.
Diana October 15, 2012 at 09:52 PM
Hmmm didn't we just see another patch article last week regarding the forclosures being reall high, especially in LE/Wildomar. This statistic must be referring to Menifee, Murrieta and Temecula where growth is still expanding? Who can buy a house unless you have cash the banks are holding on to money for loans. My neighbor has had her's in escrow on a short sale for over 6months? That's a short sale??
Sam October 15, 2012 at 10:01 PM
What's hard to understand Diana, median or countywide or both?
Robyn poirier October 15, 2012 at 10:10 PM
I'm not sure how they can give accurate numbers when for example a house forecloses and goes to auction at auction it sells $169,000 the next month the bank that bought it at auction sells it for 225,000 on paper it looks like its gone up but it really didnt ....
Diana October 15, 2012 at 10:41 PM
@Sam, did I say tha it was hard to understand, what I said is that the article here and the one written last week make no sense. Geez
Sam October 15, 2012 at 11:23 PM
Oh dear, You said "This statistic must be referring to Menifee, Murrieta and Temecula " The article said "The median home price countywide was $228,900 in September" Countywide, get it? County?
Diana October 15, 2012 at 11:55 PM
@Robym, ask Sam he/she seems to have all the answers even when you don't want them.
LBV Collins October 16, 2012 at 03:12 AM
I like to keep an eye on Zillow's Real Estate Market Reports: http://www.zillow.com/local-info/ Just enter a city and it shows median homes values over the past 5 or 10 years. When I enter Temecula or Murrieta, the graph shows that home values bottomed in 2009 and have been gradually rising. When I enter Wildomar or Lake Elsinore, it also shows home prices bottomed in 2009, but haven't risen as much. But in either case, homes values appear to have bottomed three years ago and are holding steady or slightly increasing in value.
Vicki October 16, 2012 at 02:17 PM
It's a seller's market right now. @Michael 2007 prices were so falsely inflated you may not see that for another 10 years...maybe. Zillow isnt really a great indicator either. I've seen listings showing available when the house was sold 3 years ago.
Winchester Collection October 16, 2012 at 09:30 PM
Keep my house price affordable and my taxes low not looking for any ATM opportunities. Price house increase is what keeps the children spending beyond their means. Expansion and more house building would be better for us as an economy.

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