Inland Empire sales slump 21% in a year

Inland Empire house hunters bought 6,681 homes in June — up 1.1% in the month but down 20% over 12 months.

Riverside County’s median selling price was $594,500 for all residences, down 1% in a month and up 17% over 12 months. The record

Riverside high home price was $598,500 set in May.

San Bernardino County’s median was $517,750, down 1% in the month but up 16.9% over 12 months. The county’s record median was $523,000 set in May.

Here’s what my trusty spreadsheet also found inside the DQNews numbers on closed transactions from June …

Riverside sales

Total: 3,815 Riverside County residences sold. This was the No.

15slowest June of the 35 since 1988.

One-month change: 1% decrease from May. Since 1988, sales have fallen in June only 18% of the time — with an average 6.2% increase from May.

12-month change: 21% decrease — 40th biggest decline since 1988 (or only 10% worse months.) Year-to-date: Off 11% vs. 2021.

Pre-pandemic: June sales were 1% below the 3,856average for the month of June between 20102019.

Newly built: Builders sold 640 new homes, down 8% in a year.

The median sale price of $599,500 was a 21% increase over 12 months. Builder share was 16.8% of sales vs. 14.5% a year earlier.

San Bernardino sales

Total: 2,866 San Bernardino County residences sold. This ranked a mid-range No. 18 for June sales of the 35 since 1988.

One-month change: 4% increase from May. Since 1988, sales have fallen in June only 35% of the time with an average 5% increase from May.

12-month change: 20% decrease — No. 44biggest decline since 1988 (or only 11% worse months.) Year-to-date: Off 10% vs. 2021.

Pre-pandemic: June sales were 7% above the 2,682 average June in 2010-2019.

Newly built: Builders sold 406 new homes, down 11% in a year. The median sale price of $606,250 was a 23% increase over 12 months. Builder share was 14.2% of sales vs. 12.8% a year earlier.

Riverside pricing

One-month trend: The 1% drop vs. typical June since 1988. Prices dip 66% of the time with an average 1.2% gain.

One-year trend: 17% jump is the smallest increase in 17 months. The latest gain tops 78% of all 12-month periods since 1988.

Pandemic era?: 18 price records have been broken since February 2020. The median’s $195,500 increase equals a gain of $9.54 every hour over these 28months.

Payment pain: Soaring mortgage rates meant a buyer paid $2,624 a month for Riverside’s $594,500 median-priced home vs. $1,720 monthly on a $510,000 median 12 months earlier. So prices rose 17% vs. a house payment’s 53% increase. And the downpayment? $118,900 for 20% last month, up $16,900 in a year.

San Bernardino pricing

One-month trend: 1% decrease. Since 1988, a typical June had prices dip 54% of the time with an average 1% gain.

One-year trend: Latest 16.9% gain tops 81% of all 12-month periods since 1988.

Pandemic era?: 14 price records have been broken since February 2020. The median’s $167,750 increase equals a gain of $8.18every hour over these 28 months.

Payment pain: Soaring rates meant a buyer paid $2,286 a month for San Bernardino’s $517,750 median-priced home vs. $1,494 monthly on a $443,000 median 12 months earlier. So prices rose 17% vs. a house payment’s 53% increase. And the downpayment? $103,550 for 20% last month, up $14,950in a year.