Summer ices Inland Empire house hunt

Summer iced Inland Empire house hunting.

Rising mortgage rates and high prices scared off potential buyers, with just 5,654 residences sold in San Bernardino and Riverside counties in August, according to a Dqnews report on closed transactions.

That was the slowest August since 2014. The month also was down 27% from last summer’s activity, and it’s 19% below the 7,000 average sales for August since 1988.

Here’s what my trusty spreadsheet found within the counties …

San Bernardino's slump

Sales: 2,350 San Bernardino County single-family, condominium, existing and newly constructed homes sold — fifth-slowest August of the 35 since 1988.

One-month change: 5% increase from July. Since 1988, sales rose in August 71% of the time with an average 5.1% increase from July.

12-month change: 31% decrease — No. 23 biggest decline since 1988 (or only 6% worse months.)

Summer slump: It’s not just one month as the 7,466 homes sold from June to August were down 27% in a year and the ninth-slowest midsummer pace in 35 years.

Prices: $500,000 median for all residences, down 2.9% in the month, up 7.5% over 12 months. Record SBC high? $523,000 set in May. So, prices are 4.4% off their peak.

One-month trend: Since 1988, a typical August had price dips 49% of the time with no price change.

One-year trend: Smallest increase in 17 months. Average gain since 1988? 5.1% annualized.

Newly built: Builders sold 264 new homes, down 41% in a year. Median of $678,000 — a 20% increase over 12 months. Builder share? 11.2% of sales vs. 13.1% a year earlier.

Payment pain: Changing rates meant a typical buyer paid $2,242 a month for the $500,000 median priced residence vs. $1,548 monthly on a $465,000 median 12 months earlier. So prices rose 8% vs. a house payment’s 45% increase.

Riverside's retreat

Sales: 3,304 Riverside County single-family, condominium, existing and newly constructed homes sold — 10th slowest-selling August of the 35 since 1988.

One-month change: 11% increase from July. Since 1988, sales rose in August 53% of the time with an average 4.3% increase from July.

12-month change: 24% decrease — No. 38 biggest decline since 1988 (or only 9% worse months.)

Summer slump: It’s not just one month as the 10,102 homes sold in June to August was down 26% in a year and the 10th-slowest mid-summer pace in 35 years.

Prices: $581,500 median for all residences — up 0.3% in a month and up 10.8% over 12 months. Record Riverside high? $598,500 set in May. So, prices are 2.8% off their peak.

One-month trend: Since 1988, a typical August had prices dip 43% of the time with an average 0.5% drop.

One-year trend: Smallest 12-month increase in 23 months. Average gain since 1988? 5.4% annualized.

Newly built: Builders sold 652 new homes, down 3% in a year. Median of $607,000 — a 14% increase over 12 months. Builder share? 19.7% of sales vs. 15.5% a year earlier.

Payment pain: Higher rates meant a typical buyer paid $2,607 a month for the $581,500 median priced residence vs. $1,747 monthly on a $525,000 median 12 months earlier. So prices rose 11% vs. a house payment’s 49% increase.