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Inland Empire Homebuying Slows to a Crawl
Rising interest rates and soaring inflation have led to a massive 48% drop in December home sales in Riverside and San Bernardino counties, according to new data from CoreLogic. It was the fourth slowest December and the ninth slowest month overall since records have been kept during the past 35 years.
The Press-Enterprise reports December home prices in the Inland Empire rose slightly compared to November, but are off 6% to 8% from the record highs set in the Spring of 2022. Pricier financing is clearly the reason for the decline in sales, as a 30-year mortgage interest rate averaged 6.36% to end the year, compared to just 3.1% at the end of 2021.
Condominium sales in Riverside County in December did have some success, climbing 33% in a month but still off 44% annually. San Bernardino County saw a decline of 4% in condo sales in a month and is down 50% annually.
- ◦Economy
