December 3, 2021
Red-hot housing market backing away from a melt-down
INLAND EMPIRE (INT) The local housing market may be shedding some of its volatility.

In its latest report, Zillow says although the market is still far hotter than usual, October witnessed some declining list prices, longer times on market for listings and more homes receiving price cuts before sale.

Buyers can expect less competition, meaning more time to decide on a house and the potential for sellers more willing to negotiate.

In the Riverside metro area:
The typical home value is $525,941, up 27.7% ($113,959) compared to October 2020
Monthly home value appreciation slowed compared to September
Typical rent is up 18.5% from October 2020 and now stands at $2,455
Median time on market for home listings is 12 days, up from 8 days in the spring
The share of homes with a price cut is 12.4%, compared to 12% in September
Story Date: December 1, 2021
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