More record prices set in Inland Empire

Inland Empire home prices set more records in March.

Across Southern California, 23,225 residences — existing and newly constructed — sold in six counties, up 37% for the month and down 9% over the past year. The region’s median price hit a record $735,000 after rising 4% for the month and 17% over 12 months.

Here’s what my trusty spreadsheet found in DQNews’ report on closed transactions in Riverside and San Bernardino counties for March:

Riverside County

Prices: The countywide $580,000 median was up 2.7% in the month, up 21.6% over 12 months. This breaks the record $565,000 set in February. Since 1988, prices in March have risen in 82% of the time, with an average 1.7% gain.

Pandemic era? 16 price records have been broken since February 2020. The median’s $181,000 increase equals a gain of $9.89 every hour over these 25 months.

Overall sales: For the month, 4,646 existing and new residences sold, up 35% from February but down 8% from 2021. This was the No. 7 busiest March of the 35 since 1988 with homebuying 32% above the 10-year average buying pace for March. Past 12 months? 51,633 Riverside County purchases — 16% above the previous 12 months and 26% above the 10-year average.

Existing single-family houses: 3,334 sold, down 5% in a year. Median of $595,000 — a 19% increase over 12 months.

Existing condos: 531 sales, down 29% over 12 months. Median of $470,000 — a 27% increase in a year.

Newly built: Builders sold 781 new homes, down 2% in a year. Median of $575,000 — a 21% increase over 12 months. Builder share was 16.8% of sales versus 15.8% a year earlier.

San Bernardino

Prices: The countywide $495,000 median was up

2.1% in the month, up 15.1% over 12 months. This breaks the record of $485,500 set in December. Since 1988, prices in March have risen in 65% of the time, with an average 1.3% gain.

Pandemic era? 12 price records have been broken since February 2020. The median’s $145,000 increase equals a gain of $7.92 every hour over these 25 months.

Overall sales: 3,111 existing and new residences sold — up 32% from February and down 5% from March 2021. This was the No. 9 busiest March of the 35 since 1988 and 27% above the 10-year average buying pace for March.

Past 12 months? 37,313 San Bernardino County purchases — 13% above the previous 12 months and 26% above the 10year average.

Existing single-family houses: 2,570 sold, flat over the year. Median of $480,000 — a 15% increase over 12 months.

Existing condos: 180 sales, up 1% over 12 months. Median of $478,000 — a 20% increase in a year.

Newly built: Builders sold 361 new homes, down 31% in a year. Median of $575,250 — a 18% increase over 12 months. Builder share was 11.6% of sales versus 16% a year earlier.

Across the region

Six counties: Sales rose in all of Southern California for the month; none in a year. Prices rose in all counties in the month; all in the year.

Rates: How cheap is money? Rates on a 30-year, fixed-rate mortgage averaged 3.79% in the three months ending in March versus 2.88% a year earlier. That translates to 11% less

Supply: Listings in Los Angeles-Orange County are off 27% in a year, according to Realtor. com. — 11th biggest drop of 50 major U.S. metro areas. But the Inland Empire supply of homes for sale was up 18% — largest gain in the nation.

Affordability: How many homes fit a local household’s budget, says the National Association of Realtors? It’s 8% in Los Angeles County, smallest share in the nation. Orange County? Third-lowest at 12%. Inland Empire? No. 17 at 22%. Jonathan Lansner is business columnist for the Southern California News Group. He can be reached at jlansner@scng. com