Home Prices Fall In Riverside County, Sales Remain Steady: Report

RIVERSIDE COUNTY, CA — Home sales held steady in Riverside County in June, and rose statewide after three straight months of decline, the California Association of Realtors announced. For many residents, the crop of For Sale signs seems to linger in neighborhoods. Meanwhile, sellers have reevaluated their prices to account for a slowing market.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 264,260 last month. June home sales activity rose 4% from the 254,190 homes sold in May but was down 0.3% from a year ago, CAR announced on Thursday.

The statewide annualized sales figure represents the total number of homes that would be sold during 2025 if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

Riverside County sales were unchanged from May, but up 2% from June of 2024.

Accounting for the ongoing sales, the home prices dropped both in Riverside County and statewide.

The median sold price of an existing, single-family home in Riverside County in June was $635,000, down from $638,000 in May, but identical to the $638,000 from June of last year. June's statewide median home price was $899,560, down 0.1% from May and down 0.1% from $900,720 in June 2024.

AR President Heather Ozur, a Palm Springs Realtor, spoke on the current state of the Riverside County housing market.

"With more properties on the market and price growth flattening, conditions have become more favorable for prospective buyers who have been waiting on the sidelines to re-enter the market and take advantage of increased negotiating power," he said. "While sales could remain soft at the start of the third quarter, recent improvements in housing sentiment suggest that the market could see a bounce-back in the second half of the year."

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