RivCo Housing Prices Dip Slightly, Still Higher Than 2023

RIVERSIDE COUNTY, CA — Home prices in Riverside County dropped slightly in November compared to the previous month, but they were still higher than housing prices one year ago, the California Association of Realtors announced.

The $628,000 median price of an existing single-family home last month reflected a 1.1% drop from October's $635,000 sales price in the Riverside area. The November figure was a 2.9% increase from $610,400 one year ago, according to the report.

November's statewide median home price was $852,880, down 4% from October but up 3.8% from $821,710 in November 2023. Year-to-date statewide home sales edged up 3.1%, the survey said.

Also statewide, California had its largest yearly increase in existing home sales since June 2021 in November, but overall, the housing market remained changeable. Despite a double-digit growth rate from their year-ago level, sales of existing single-family homes remained well below the pre-Covid norm of 400,000 units, according to CAR.

November's sales pace statewide climbed 1.1% from the 264,870 homes sold in October and was up 19.5% from a year ago, when a revised 224,140 homes were sold on an annualized basis.

"Mortgage rates continue to remain elevated, leading to challenges for many buyers," CAR President Heather Ozur said in a statement. "However, home prices are growing at a moderate pace and housing supply is increasing, indicating some hope that the market will continue to improve next year."

Four of the five major regions in California increased in median price from a year ago in November. The Central Coast had the biggest climb from a year ago with a jump of 7.9%, while Southern California saw a 3.1% increase, CAR said.

The median number of days it took to sell a California single-family home was 26 days in November, up from 21 days in November 2023.