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|May 16, 2021|
Report offers relief for desperate home buyers
INLAND EMPIRE – (INT) - The long-running trend of constricting housing inventory may be turning around.
New data in Zillow’s latest market report offers much-needed relief to desperate home shoppers. March saw record-breaking home appreciation growth across the U.S. along with broad rent recovery.
In the Riverside metro area:
• The typical home is worth $449,524, up 14.4% year over year and 1.7% since February.
• Total inventory rose 0.3% month over month after falling 6.9% February
• Typical rent is $2,127. That’s up 1.3% from February and 11% higher than a year ago.
Key housing figures for the Los Angeles metro:
• The typical home is now worth $769,422, up 9.5% year over year and 0.8% since February.
• Total inventory rose 2.7% month over month, after a 5.9% month-over-month decline seen in February
• Typical rent is $2,423. That’s up 0.7% from February but 1.2% lower than a year ago.
Although red-hot demand for homes pushed total for-sale inventory down 1.1% since February across the U.S., the monthly decline is the smallest since July.
Story Date: May 5, 2021