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California  + Inland Empire  + Apartments  | 
Inland Empire Home Sales Tanks as Mortgage Rates Rise

Inland Empire Home Sales Tank as Mortgage Rates Rise

With mortgage interest rates hovering near 7%, combined with high home prices and spiking inflation, potential home buyers have been sitting on the sidelines in recent months. According to the Press-Enterprise, the slump has pushed home sales in Riverside and San Bernardino Counties down 40% in October as house payments have jumped to unaffordable levels.

Riverside County saw 2,670 residential transactions in October, down 16% from September and off 40% from a year ago. San Bernardino county closed 2,099 homes, down 15% monthly and off 39% from 2021. Meanwhile, home prices have dropped a bit, but not enough to jumpstart the home buying.

And here’s why: monthly mortgage bills are skyrocketing. In Riverside County, for a median $545,000 mortgage, the estimated monthly cost is now $2,871, a whopping 60% higher than the $1,793 payment from a year ago. Meanwhile, in San Bernardino County, the monthly mortgage is now $2,582 compared to $1,537 in 2021, a 68% increase.

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About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

  • ◦Economy
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