search

The Real Deal Logo

Trending

Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsTricera, Lndmrk and Simkins team up for $23M Society Wynwood retail investment in mixed-use projectTricera, Lndmrk and Simkins team up for $23M Society Wynwood retail investment in mixed-use projectWhole new world: How NYC values 421a, 485x sites nowWhole new world: How NYC values 421a, 485x sites nowSouth Florida developer Tibor Hollo dies at 96South Florida developer Tibor Hollo dies at 96
Residential
Los Angeles

Home sales across the Inland Empire plunge 22% 

High mortgage rates and few options limit deals in Riverside and San Bernardino counties

Home Sales Across the Inland Empire Plunge 22%
(Illustration by The Real Deal with Getty)

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.

Sign Up for the undefined Newsletter

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

Read more

Tags
availabilityHome PricesHome SalesMortgage Ratesnew homes