Where’s housing cooling faster? – San Bernardino Sun



Homebuying is rapidly cooling in Riverside and San Bernardino counties with 32% fewer purchases in September than a year earlier as house payments jumped roughly 60%.

The two counties had 5,439 closed transactions for single-family homes and condos, existing and new construction —  down 2,525 from September 2021, according to new data from CoreLogic. Soaring mortgage rates, high prices, and economic uncertainty have scared off house hunters.

Let’s see how the cooldown varies, geographically speaking, starting with total sales for the month of September.

Riverside County had 3,092 sales – down 13% in a month. A typical September since 1988 has a 9% dip. Purchases were also 33% lower vs. September 2021.

In San Bernardino County, 2,347 homes sold,  down 4% in a month vs.  a 34-average 8% dip for a September. It’s also 30% lower vs. September 2021.

Next, consider how prices moved.

In Riverside County, the $565,000 median selling price was down 1% in a month – vs. flat prices for an average September – and 9% higher in a year.

The San Bernardino County median was $504,000, up 2% in a month – vs. historic flat prices for the month – and 10% higher in a year.

Compare those changes to the six-county region where 16,326 residences sold,  down 11% in a month and 34% lower in a year. The regionwide median price was $715,000 —  down 1% in a month and 5% higher in a year.

Payment pain

Pricier financing is clearly a culprit.

The 30-year mortgage averaged 6.11% in September vs. 2.9% 12 months earlier. Here’s how my trusty spreadsheet found that rate jump hitting a typical homebuyer’s house payment …

Riverside County: $2,742 estimated per month for the $565,000 median vs. $1,730 a year ago —  a stunning 59% higher. And that’s after putting 20% —  $113,000 — down.

San Bernardino County: $2,446 on $504,000 vs. $1,532 last year —  60% higher. That assumes a 20% downpayment or $100,800.

Southern California: $3,470 on $715,000 vs. $2,264 a year ago —  53% higher. Downpayment? $143,000 or 20%.

Single-family homes

How detached, existing housing fared for the month.

Sales: Riverside County? 2,174 sold —  down 15% in a month and 35% lower in a year. San Bernardino County? 1,860 sold — down 6% in a month and 32% lower in a year.

Prices: Riverside County’s $560,000 median was flat for the month and 6% higher in a year. San Bernardino County? $474,250 median —  up 1% in a month and 5% higher in a year.

In Southern California, 11,366 single-family homes sold —  down 10% in a month and 34% lower in a year. Prices? $760,000 median —  flat for the month and 4% higher in a year.

Condos

Here’s how condominiums and townhomes sold in September.

Sales: Riverside County had 317 sales —  down 15% in a month and 35% lower in a year. San Bernardino County? 144 sold —  down 19% in a month and 36% lower in a year.

Prices: Riverside County’s $455,000 median was down 5% in a month and 10% higher in a year. San Bernardino County? $480,000 median —  up 4% in a month and 7% higher in a year.

In Southern California, 3,318 condos sold —  down 14% in a month and 38% lower in a year. Prices? $605,000 median —  down 4% in a month and 3% higher in a year.

New homes

A look at what builders sold in September.



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