Property values rise for local homeowners

RIVERSIDE, Calif. - 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
      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.

comments powered by Disqus

Photo Galleries

  • On this day: October 23
    IHH Humanitarian Relief Foundation

    On this day: October 23

    The U.S. Marines barracks in Beirut are hit by a truck bomb, Robert Bork's Supreme Court nomination is rejected, and the iPod is introduced, all on this day.

    Read More »
  • World's most empathetic countries
    Justin Setterfield/Getty Images

    World's most empathetic countries

    Michigan State University has put together a list of the most empathetic countries. Researchers interviewed more than 100,000 adults from 63 countries and found "higher empathy countries also have higher levels of collectivism, agreeableness, conscientiousness, self-esteem, emotionality, subjective well-being, and prosocial behavior." Find out the top 10 countries that made the list.

    Read More »
  • On this day: October 22
    Stephen Shugerman/Getty Images

    On this day: October 22

    The first parachute jump takes place, "Pretty Boy" Floyd is gunned down, football meets television, and The Supremes top the charts, all on this day.

    Read More »
  • Everything you wanted to know about the Electoral College
    William Thomas Cain/Getty Images

    Everything you wanted to know about the Electoral College

    The person ahead in the popular vote might not actually win the presidency. Why? The Electoral College takes the final vote -- not us.

    Read More »
  • Best Clinton, Trump lines from Alfred E. Smith dinner

    Best Clinton, Trump lines from Alfred E. Smith dinner

      Less than a day after their heated final presidential debate, Donald Trump and Hillary Clinton traded shots at the Alfred E. Smith Memorial Dinner. Here's a look at the most memorable lines from the event.

    Read More »