RivCo Home Prices On The Rise, Mirroring Statewide Trend

RIVERSIDE COUNTY, CA — Home prices increased across Riverside County in February, mirroring a statewide trend, the California Association of Realtors said Tuesday.

The median price of an existing single-family home in Riverside County in February was $636,000, up from $610,000 in the previous month, and up from $595,000 in February 2023.

Statewide, the median price of an existing single-family home last month was $806,490, up from $789,480 in January, and an increase from $735,300 a year earlier.

The state's highest median home price in February was San Mateo County's $1.92 million.

February's statewide sales pace was 12.8% higher from the 257,040 homes sold in January and up 1.3% from a year ago, when a revised 286,290 homes were sold on an annualized basis.

The monthly sales increase was the second straight month of double-digit gains for California. It was also the second consecutive month of year- over-year gains, but the improvement was mild.

While it is likely that sales will stay below this level in the first quarter of 2024, statewide home sales on a year-to-date basis remained positive with an increase of 3.4%, suggesting a better spring home purchasing season than last year, according to CAR.

"Housing supply conditions in California continued to improve in February with new active listings rising more than 10% for the second straight month," CAR President Melanie Barker said. "This is great news for buyers who have been competing for a dearth of homes for sale, and the momentum will hopefully build further as we enter the spring home buying season."