San Bernardino County home sales fell by one-third as coronavirus pushed Southern California purchases to a record-slow May.
DQNews reports for May in San Bernardino County …
• 1,828 homes sold, existing and new — down 33.9% in a year. In the previous 12 months, San Bernardino County’s sales count was 28,941 homes sold — down 1% in a year.
• $368,000 countywide median selling price — up 6.7% over 12 months. The latest median is -3.2% off the county’s record high of $380,000 set in May 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 San Bernardino County in May …
Existing single-family houses: 1,440 sold, down 38% in a year. Median of $340,000 — a 3% increase over 12 months.
Existing condos: 93 sales, down 42.2% over 12 months. Median of $339,500 — a 0.4% increase in a year.
Newly built: Builders sold 295 new homes, up 4.2% in a year. Median of $505,500 — a 5.1% increase over 12 months.
Builder share: 16.1% of sales vs. 10.2% a year earlier. San Bernardino County builders’ slice of the market ranks No. 2 among SoCal’s six counties.
Price rank: How San Bernardino County’s median compared to Southern California’s five other counties: No. 6 overall; No. 6 for single-family resales; No. 5 for condo resales; and No. 5 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.
Elsewhere in Southern California, according to DQNews’s tally of 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% over 12 months. Median? $620,000 — a 1.6% increase.
Orange County: 1,635 sales, down 50.6%. Median? $750,000 — a 4.2% increase.
Riverside County: 2,394 sold, down 43.7%. Median? $415,000 — a 6.5% 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 04:37AM
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Coronavirus fallout: San Bernardino County homes sold off 34% in May - San Bernardino County Sun
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