Inland Empire homebuying starts year hot

Inland Empire homebuying remained hot in January with doubledigit gains for sales and prices in Riverside and San Bernardino counties.

The buying binge came despite the pandemic’s economic challenges. Historically low interest rates and limited inventory created a paradox of challenges for house hunters seeking new or larger living spaces.

Closed sales of existing and new houses and condos in San Bernardino County jumped 20.7% in a year to 2,608 homes, according to DQNews/ CoreLogic. You have to look back to 2006 to find a January with more sales. In the past 12 months, 32,276 homes were bought, up 7.2% above the previous year.

January’s countywide median sales price of $402,500 broke a record high set in September.

The median is up 11.8% over 12 months.

Here’s how key market slices fared …

• Existing single-family houses: 2,175 sold, up 21.8% in a year. Median of $390,000 — a 14.7% increase over 12 months.

• Existing condos: 148 sales, up 32.1% over 12 months. Median of $380,000 — a 24.6% increase in a year.

• Newly built: Builders sold 285 new homes, up 8% in a year. Median of $494,750 — a 3% increase over 12 months.

In Riverside County, 3,059 residences sold — up 10.1% in a year — busiest January since 2010. Past 12 months? 43,390 purchases — up 2.4% in a year.

• The countywide median of $455,364 median was up 17.1% over 12 months. That’s just below the record high of $458,000 set in September.

• Existing single-family houses: 2,244 sold, up 10.1% in a year. Median of $465,500 — a 19.4% increase over 12 months.

• Existing condos: 407 sales, up 16.3% over 12 months. Median of $355,000 — a 16.4% increase in a year.

• Newly built: Builders sold 408 new homes, up 4.9% in a year. Median of $463,250 — a 6.5% increase over 12 months.

Housing’s year began swiftly across Southern California, too. In the six-county region, 17,352 residences sold in January, up 13.5% in a year. The median price was $599,500 — a 13% increase.