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|December 10, 2018|
Some home buyers retreat to sidelines
INLAND EMPIRE - (INT) – Sales of new and previously lived-in homes across the Inland Empire has become a mixed bag.
The number of homes sold continued to decline in October compared to a year ago. CoreLogic reports actual median sales prices rose only 3.4 percent in San Bernardino County and nearly twice that Rate in Riverside County (6.1%).
Rising prices and mortgage rates have priced out some potential buyers while causing others to conclude that waiting to buy could pay off, especially as listings rise, CoreLogic reasoned.
For the past three months, sales have fallen year-over-year in all six Southern California counties. Southern California’s median sale price hit an all-time high of $537,000 in June 2018.
October 2018 marked the 79th consecutive month in which Southern California experienced a year-over-year increase in the median sale price. When adjusted for inflation, the October 2018 median sale price remained 12.7 percent below the peak in July 2007.
Story Date: December 8, 2018