Price records fall in wild February for IE

Price records fell in a wild February for Inland Empire homebuying.

San Bernardino County’s median sales price of $412,000 median was up $62,000 or 17.7% over 12 months and broke the old record of $402,500 set in January, according to DQNews/CoreLogic.

In Riverside County, its $465,000 median was up $66,000 or 16.5% over 12 months and broke the record of $458,000 set in December.

The selling spree came as recovery quickened from the pandemic’s broad economic challenges. Interest rates remained low but are rising. And severely limited choice made life difficult for house hunters seeking new or larger living spaces.

In the six-county SoCal region, 18,344 homes sold — up 17.6% in a year. Median price hit $619,750 — record high — after a 14.8% one-year increase.

HOW CHEAP IS MONEY? » Rates on a 30-year, fixed-rate mortgage averaged 2.74% in the three months ending in February vs. 3.6% a year earlier. That translates to house hunters having 12% more buying power.

HOW THIN IS SUPPLY? » Ponder stats from Realtor.com that show Inland Empire listings were off 65%, the seventh-biggest drop of the nation’s 50 largest housing markets.

Here’s how the buying binge broke down in the Inland Empire …

San Bernardino County

February saw 2,451 residences sold, existing and new — up 21.5% in a year. It was

2006 when a February had more sales. Past 12 months? 32,711 San Bernardino County purchases

— up 7.7% above the previous 12 months and 11.2% above the 10year average.

EXISTING SINGLE-FAMILY HOUSES » 1,967 sold, up 17.9% in a year. Median of $400,000 — a 21% increase over 12 months.

EXISTING CONDOS » 138 sales, up 44% over 12 months. Median of $375,000 — a 11.1% increase in a year.

NEWLY BUILT » Builders sold 346 new homes, up 37% in a year. Median of $510,250 — a 5.8% increase over 12 months.

Riverside County

February saw 3,445 residences sold, existing and new

— up 18.3% in a year. It was 2006 when a February had more sales. Past 12 months? 44,277 Riverside County purchases — up 3.6% above the previous 12 months and 8.3% above the 10year average.

EXISTING SINGLE-FAMILY HOUSES » 2,434 sold, up 16.8% in a year. Median of $484,545 — a 19.6% increase over 12 months.

EXISTING CONDOS » 438 sales, up 6.1% over 12 months. Median of $349,000 — a 15.8% increase in a year.

NEWLY BUILT » Builders sold 573 new homes, up 37.7% in a year. Median of $479,750 — a 11.2% increase over 12 months.