While Riverside County homebuying is almost back to 2019 levels, prices near the bubble-era high set 13 years ago.
DQNews reports Riverside County’s closed purchases for July show …
• 4,054 homes sold, existing and new — down 0.4% in a year. Year to date, 21,641 purchases were completed, down 9.9% vs. 2019.
• $430,000 countywide median selling price — up 9% over 12 months. The latest median is $2,000 off the county’s record high of $432,000 set in December 2006, just before the market collapsed into the Great Recession.
July marked a rebound from what was Southern California’s slowest-selling second quarter in the DQNews database dating to 1988. Business limitations designed to slow the coronavirus spread eased in late spring, but few homeowners were in the mood to sell.
House hunters, motivated by historically low mortgage rates, nevertheless competed aggressively for the modest number of listed homes. Southern California’s median price hit a record high.
Here’s a look into key slices of Riverside County in July …
Existing single-family houses: 3,098 sold, up 1.2% in a year. Median of $445,000 — an 11.5% increase over 12 months.
Existing condos: 479 sales, up 1.5% over 12 months. Median of $329,000 — a 19.6% increase in a year.
Newly built: Builders sold 477 new homes, down 11.2% in a year. Median of $439,500 — a 1.3% increase over 12 months.
Builder share: 11.8% of sales vs. 13.2% a year earlier. Riverside County builders’ slice of the market ranks No. 1 among SoCal’s six counties.
What’s next? The number of Southern California homes put into escrow has grown in 15 of the past 17 weeks. This suggests strong sales numbers for August and September.
But don’t overlook the record rate of late mortgage payments in the region. Not to mention, SoCal unemployment is at 15.9%.
Around Southern California, according to DQNews’ latest report on closed sales …
Six-county region: 22,656 sold, up 2.5% over 12 months. Median? Record $585,000 — a 8.5% increase.
Los Angeles County: 6,818 sold, down 2.3%. Median? Record $670,000 — a 5.5% increase.
Source: The Press-Enterprise
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