Home sales across the Inland Empire have plummeted 22 percent since last year, despite falling prices.
Sales in Riverside and San Bernardino counties fell to 4,541 homes in July, down 18 percent for the month and 22 percent for the year, the Orange County Register reported, citing CoreLogic data.
The drop-off is primarily due to rising interest rates, which cut buying power by 14 percent. Limited availability also hindered sales.
Across the six-county Southern California region, sales fell 19 percent in a year to 13,998 homes last month. At the same time, the median SoCal sales price rose 2.5 percent to $743,000 – 1 percent off the $750,000 record set in April of last year.
In the Inland Empire, however, home prices generally fell along with sales, according to the Register.
Riverside had 2,641 closings in July, down 20 percent in a month and 22 percent in a year. San Bernardino had 1,900 sales — down 16 percent in a month and 23 percent lower in a year.
In Riverside, the $551,250 median price was down 1.6 percent in a month and 2 percent in a year. That’s 5 percent off the $581,500 record set in August of last year.
In San Bernardino, a $480,000 median was up 1.1 percent in a month and 4 percent lower in a year. That’s 4 percent off the $500,000 record set in May of last year.
The 30-year mortgage averaged 6.84 percent in July compared to 5.41 percent a year earlier, driving Riverside payments up an estimated 14 percent, and up 12 percent in San Bernardino.
Between sales of single-family homes, condos and new homes, the latter took the biggest drop, according to the Register
Riverside builders sold 341 new homes, down 31 percent in a month and 35 percent lower in a year. San Bernardino builders sold 155 new homes, down 35 percent in a month and 40 percent lower in a year.
Riverside’s $581,500 new-home median was up 1 percent in a month and 4 percent lower in a year. San Bernardino’s $575,500 median was up 1 percent in a month and 10 percent lower in a year.
— Dana Bartholomew
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