Homes sales 29% below average in April

House hunters in Riverside and San Bernardino counties remained squeamish in April as sales dropped sharply.

Inland Empire sales of existing and new houses and condos totaled 4,594 in April, according to updated data from Corelogic. That’s down 12% for the month and down 41% for the year.

So, just how slow was homebuying in the two-county region?

• 29% below the average April sales pace since 1988.

• No. 5 slowest-selling April in records dating to 1988.

• Only 18% of all months have been slower over 35 years.

Homebuyers in spring were still skittish thanks to economic unease and lofty mortgage rates that have cut buying power by 14% in a year. In the six-county Southern California region, sales fell 43% in a year to 13,940 as the median sales price slipped 4.3% to $717,500.

Let’s look inside the Inland Empire market, starting with April sales.

Riverside County had 2,806 closings, down 11% in a month and 39% lower in a year. San Bernardino County had 1,788 sales — down 14% in a month and 45% lower in a year. Note: An average April sees one-month sales typically fall 2.4% in Riverside and 1% in San Bernardino.

Next, consider how prices moved.

In Riverside County, the $549,000 median was up 2.4% in a month and 4% lower in a year. It’s also 8% off the $598,500 record high set in May 2022. San Bernardino County had a $461,750 median — down 3.8% in a month and 7% lower in a year. It’s also 12% off the $523,000 peak of

May 2022.

Since 1988, the average April saw prices dip 0.5% in Riverside for the month and run flat in San Bernardino.

Payment pain

Pricier financing is a factor: The 30-year mortgage averaged 6.34% in April vs. 4.98% 12 months earlier.

My trusty spreadsheet tells me Riverside County buyers got an estimated house payment that’s 11% costlier — $2,730 per month on the $549,000 median vs. $2,455 on a $573,000 median-priced home from a year ago. And that assumes the buyer has $109,800 for a 20% downpayment.

In San Bernardino County, buyers got a payment that was 8% bigger — $2,296 monthly on the $461,750 median vs. $2,121 on the median $495,000 home from a year ago. The 20% downpayment was $92,350.

Single-family homes

Sales: Riverside County’s 1,929 transactions were down 11% in a month and 42% lower in a year. San Bernardino County’s 1,396 closings were down 11% in a month and 44% lower in a year.

Prices: Riverside County’s $560,000 median was up 3% in a month and 4% lower in a year. San Bernardino County’s $455,000 median was down 3% in a month and 7% lower in a year.

Condos

Sales: Riverside County had 394 sales — down 3% in a month and 28% lower in a year. San Bernardino County had 137 sales — up 32% in a month and 35% lower in a year.

Prices: Riverside County’s $480,000 median was down 2% in a month and 3% lower in a year. San Bernardino County’s $519,000 median was up 5% in a month and flat in a year.

New homes

Sales: Riverside County builders sold 402 units — down 17% in a month and 24% lower in a year. San Bernardino County had 154 new homes sold — down 38% in a month and 48% lower in a year.

Prices: Riverside County’s $573,500 new-home median was flat in a month and 4% lower in a year. San Bernardino County’s $565,500 median was down 5% in a month and 10% lower in a year.

Builder share: In Riverside County, new homes were 14.3% of all closings last month compared to 11.5% 12 months earlier. San Bernardino County’s 8.6% share last month compares to 9.1% 12 months earlier.