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California  + Inland Empire  + Apartments  | 
Riverside County Home Sales Plummeting According to The Press Enterprise

Riverside County Home Sales Plummeting

As home prices have reached record highs and mortgage rates soar, Riverside County home sales are reeling, recording a 15% year-over-year drop in April. According to The Press-Enterprise, Riverside County numbers in April break down like this:

-14% sales decrease from March and a 15% annual decrease, one of the steepest drops ever.

-A record $590,000 median price, up 1.7% from March and 20.4% over 12 months

-Compared to April 2021: Existing single family homes sales slid 13%, existing condo sales were off 28% and newly built home sales fell 12%.

With mortgage rates quickly climbing, averaging 4.3% through April, the affordability factor has gotten even worse. For a Riverside County $590,000 median priced home, a buyer paid $2,337 a month compared to a year earlier when a median $490,000 residence was priced at $1,649 a month. That contributes to Inland Empire being the 15th least affordable market in the country according to the National Association of Homebuilders.

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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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