Riverside County homebuying was nearly sliced in half as coronavirus pushed Southern California purchases to a record-slow May.
DQNews reports for in Riverside County, closed sales stats show …
• 2,394 homes sold, existing and new — down 43.7% in a year. In the previous 12 months, Riverside County’s sales count was 39,872 homes sold — down 0.3% in a year.
• $415,000 countywide median selling price — up 6.5% over 12 months. The latest median is 3.9% off the county’s record high of $432,000 set in June 2007.
Coronavirus throttled the economy, with “stay at home” orders making many businesses — including real estate — difficult to conduct. It was Southern California’s slowest-selling May in 32 years of DQNews stats as statewide unemployment hit 16.3%.
Here’s a look into key slices of Riverside County in …
Existing single-family houses: 1,711 sold, down 45.2% in a year. Median of $415,000 — a 6.4% rise over 12 months.
Existing condos: 226 sales, down 61.3% over 12 months. Median of $315,000 — a 6.2% rise in a year.
Newly built: Builders sold 457 new homes, down 16.1% in a year. Median of $440,250 — a 0.8% rise over 12 months.
Builder share: 19.1% of sales vs. 12.8% a year earlier. Riverside County builders’ slice of the market ranks No. 1 among SoCal’s six counties.
Price rank: How Riverside County’s median compared to Southern California’s five other counties: No. 5 overall; No. 5 for single-family resales; No. 6 for condo resales; and No. 6 for new homes.
What’s next? As of June 13, Southern California house hunters put more homes into escrow for eight consecutive weeks, leaving the buying pace 2% below a year ago. Record-low mortgage rates may be fueling the rebound. Pending sales hint where future closings will go.
Around Southern California, according to DQNews’ latest report on closed sales …
Six-county region: 12,271 sold, down 45.1% over 12 months. Median of $540,000 — a 2.7% increase.
Los Angeles County: 3,597 sold, down 49.5%. Median? $620,000 — a 1.6% increase.
Orange County: 1,635 sales, down 50.6%. Median? $750,000 — a 4.2% increase.
San Bernardino County: 1,828 sold, down 33.9%. Median? $368,000 — a 6.7% increase.
San Diego County: 2,327 sold, down 40.7%. Median? $590,000 — a 3.5% increase.
Ventura County: 490 sold, down 49.4%. Median? $580,000 — a 1.7% decline.
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June 23, 2020 at 03:43AM
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Coronavirus fallout: Riverside County homes sold tumbles 44% in May - Press-Enterprise
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