Home sales plunge 41% year-over-year in the Inland Empire

Home sales across the Inland Empire have tanked.

The sale of houses and condominiums in Riverside and San Bernardino counties in April fell to 4,594, down 12 percent from the previous month and 41 percent for the year, the Inland Valley Daily Bulletin reported, citing figures from CoreLogic.

It was the fifth slowest April sales month since 1988, when records began, and 29 percent below average sales for the month. 

The Register blamed the dismal sales on skittishness from spring home buyers concerned about lofty mortgage rates that in the past year have cut buying power by 14 percent, and the economy. A 30-year mortgage averaged 6.34 percent in April compared to 4.98 percent a year earlier.

In the six-county Southern California region, sales fell 43 percent in a year to 13,940 as the median sales price slipped 4.3 percent to $717,500.

In April, Riverside County had 2,806 closings, down 11 percent in a month and 39 percent lower in a year, according to the Daily Bulletin. San Bernardino County had 1,788 sales, down 14 percent in a month and 45 percent lower in a year.

An average April sees one-month sales typically fall 2.4 percent in Riverside and 1 percent in San Bernardino.

In Riverside County, the median price for a home in April hit $549,000, up 2.4 percent in a month and 4 percent lower in a year. That’s 8 percent off the $598,500 record high set in May 2022. 

San Bernardino County had a $461,750 median price, down 3.8 percent in a month and 7 percent lower in a year. That’s 12 percent off the $523,000 peak in May of last year.

Since 1988, the average April saw prices dip 0.5 percent in Riverside and run flat in San Bernardino.

— Dana Bartholomew

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