12 trends behind Riverside County’s $85,000 home-price jump — or $10 an hour – Press Enterprise

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The riverside county home-buying turmoil continued in June as price records broke across the region and in all six counties in Southern California.

House hunter Ignoring soaring prices and the bidding war, he bought homes at a pace not seen a few years ago. Here’s what my credible spreadsheet found in a DQNews / CoreLogic report on closed transactions in June from Riverside County …

1. Sale: 4,146 existing and new homes sold — up 9% from May and up 44% from the pandemic of June 2020.

2. Context: Going back to 2006, we need to find the best-selling June. This was the seventh busiest June since 1988. Last month, it exceeded the average purchase pace for the 10-year period in June by 24%. Compared to the previous month, sales increased 9.1%, compared to an average increase of 6.7% since 1988. This is the period of transaction growth in 27 over the last 34 years.

3. Last 12 months? 51,344 Riverside County Sales — 30% above the last 12 months and 27% above the 10-year average.

4. Price: The median of $ 510,000 for the entire county increased by 20% over the 12 months. This breaks the record $ 503,000 set in May.

5. Context: Over the last 10 years, price increases averaged 9.8% per year. The latest 12-month profit is ranked 39th in the 390 12-month period since 1988.

6. Last 12 months? Eight price records are set. The median is up $ 85,000, equivalent to $ 9.70 per hour.

Let’s take a look at the main parts of the Riverside County market in June …

7. Existing single-family homes: 3,474 units were sold, an increase of 40% annually. Median $ 535,000 — 24% increase in 12 months.

8. Existing condos: Sales of 636, up 85% in 12 months. The median is $ 400,000, an increase of 34% over the year.

9. Newly built: Builders sold 680 new homes, an increase of 35% in a year. The median is $ 496,500, an increase of 11% in 12 months.

10. Builder sharing: 14.2% of sales compared to 15.1% of the previous year. Part of the Riverside County builder market is ranked number one among the six counties in Southern California.

And the big picture …

11. Fees: How cheap is the money? The 30-year fixed rate mortgage rate averaged 3% in the three months to June, compared to 3.23% in the previous year. This means that the purchasing power of house hunters will increase by 3%. At these rates, buyers who are down 20% pay $ 1,720 a month for a median sale of $ 510,000, compared to $ 1,477 for a median of $ 425,000 last year. As a result, typical home payments have increased by 16% over the past year.

12. Supply: The good news for buyers is that the Southern California list bottomed out in February and has grown by 10% since then. Since then, Zillow numbers have shown. Meanwhile, the list is 18% lower than during the pandemic blockade, down about 8,700 lists year-on-year.

Around Southern California, according to DQ News’ latest report on closed sales in June …

6 counties area: 27,012 were sold, up 12% monthly and 52% annually. Median? Record $ 680,000 — 23% increase.

Los Angeles County: Sales were 8,555, an increase of 10% in a month and an increase of 69% in a year. Median? Record $ 790,000 — 23% increase.

Orange County: Sales of 4,146 increased 18% monthly and 67% annually. Median? Record $ 900,000 — 18% increase.

San Bernardino County: 3,547 were sold, up 19% monthly and 42% annually. Median? Record $ 442,750 — 21% increase.

San Diego County: Sales were 4,789, up 13% in a month and 34% in a year. Median? Record $ 750,000 — 25% increase.

Ventura County: 1,185 were sold, up 5% monthly and 48% annually. Median? Record $ 736,000 — 23% increase.

Jonathan Lansner is a business columnist for Southern California NewsGroup.He can reach at jlansner@scng.com

12 trends behind Riverside County’s $85,000 home-price jump — or $10 an hour – Press Enterprise Source link 12 trends behind Riverside County’s $85,000 home-price jump — or $10 an hour – Press Enterprise

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