Riverside county homebuying jumps 18

RIVERSIDE COUNTY HOMEBUYING JUMPS 18 AS PRICES RISE 6.9 RIVERSIDE COUNTY HOMEBUYING JUMPS 18 AS PRICES RISE 6.9

RUBY FRAZIER

Riverside county homebuying rose and prices were up as SoCal’s median hit an all-time high of $550,000 in the last quarter of 2019. On the other hand, homebuying jumped 22% in a year according to data from CoreLogic. Researchers are indicating cheaper mortgage rates, a shrinking supply of the existing homes to choose from and a resilient economy as some of the reasons why the rates rose in 2019. The home sales totaled 3,473 in December which is up 18 percent in a year. The county’s latest sales count is 5% off the December average of 3,658.

CoreLogic also notes that the countywide median selling price was $401,250 which is up 6.9% over a time span of one year. The latest median is 7.1 percent off the county’s record high of $432,000 set in January 2007. In just one year, the six southern California counties recorded a sales count of 19,337 homes- up by 22.1%.

Here are some of the things you should know about the key market niches in Riverside county sales in the last quarter of 2019;

1. Existing single-family houses: Corelogic data shows that 2,408 homes were sold, up 18.6% in a year. A median of $400,000- a 1.8% rise over 12 months.

2. Existing Condos: there were 442 sales, up 22.1% over 12 months. The median price was $290,000- a 6.1% rise in a year.

3. Newly built homes: builders in the region sold 623 new homes, up 12.7% in a year. A median of $454,500 was recorded representing a 5.8% rise over one year. Riverside ranks in fifth position overall compared to other Southern California’s counties. That’s not to forget that in late 2018 and early 2019, the housing market was in a tumble due to a colder economy and higher mortgage rates. The market experience then was somehow cold and the brief period of homebuying angst was a key reason why last year’s 228,884 regional sales totaled 1% below 2018’s pace. Note also that this was also below the 234,091 annual average since the Great Recession ended in 2009. Still, as 2020 started, there were tensions in the region due to tight inventories, but that’s not deterring house hunters.

Sources & Works Cited https://www.ocregister. com/2020/01/22/socal-home-pricessoar-to-record-550000-as-buyingjumps-22/ https://www.pe.com/2020/01/28/ riverside-county-homebuying-jumps18-as-prices-rise-6-9/