Riverside County Home Prices Decline Slightly in June

RIVERSIDE (CNS) - Riverside County's median home price declined
slightly in June while sales activity increased, according to data released
Thursday by the California Association of Realtors.
  

The median price of an existing single-family home in Riverside County
was $635,000 in June, down 0.8% from May and unchanged from a year ago.
  

Home sales in the county increased 9.5% from May and were up 7.1% from
June 2025, according to CAR.
  

Statewide, existing single-family home sales totaled a seasonally
adjusted annualized rate of 279,880 units in June, up 4.1% from May and up 6.0%
from a year earlier, marking the strongest year-over-year increase since
September.
  

After reaching an all-time high in May, California's statewide median
home price eased in June but remained above the $900,000 mark for the third
consecutive month.
  

California's median home price hit $904,640 in June, down 2.8% from
May and 0.4% higher than a year ago.
  

``California's housing market ended the first half of the year on
stronger footing, with home sales reaching their highest level in six months
despite elevated mortgage rates and ongoing affordability challenges,'' CAR
President Tamara Suminski said in a statement. ``As more buyers adjust to
current market conditions and inventory of homes for sale continues to improve,
we are encouraged that increased consumer confidence could support housing
demand through the remainder of 2026.''
  

Sales of higher-priced homes decreased. Homes priced between $1
million and $2 million declined from a record 38.5% last month to 36.9% in
June, according to CAR.
  

``June's rebound in housing demand helped the market close the second
quarter on firmer footing, with the broad-based increase in sales suggesting
that some buyers are beginning to adapt to the current interest rate
environment,'' CAR Senior Vice President and Chief Economist Jordan Levine said
in a statement. ``However, the recent escalation of conflict in the Middle East
has added renewed upward pressure on mortgage rates, which could weigh on
affordability and create additional headwinds for housing demand as the summer
buying season unfolds.''



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