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.
- ◦Economy
