INLAND EMPIRE – (INT) - The home shopping season appears to already be in full swing.

Zillow reports anxious buyers outnumbered dwindling new listings and drove inventory to record low levels in December. Limited supply is already pushing price-growth up, as the spring shopping season nears. Zillow®’s latest market report shows monthly home value appreciation accelerated for the first time since July.

In the Riverside-San Bernardino-Ontario metro area:

• The typical home value is $534,393, up 26.2% over last year and up 0.9% from November.

• Available inventory fell 11.1% month over month, and now stands 40.5% below pre-pandemic levels in December 2019

• Listings typically spend 14 days on market before going pending

• Typical rent is $2,469, up 18.1% since last year

In addition to not wanting to wade into such a tight market as a buyer, Zillow theorizes homeowners could be hesitant to list their houses and move due to a resurgence in coronavirus cases and employers’ rising uncertainty about post-pandemic working arrangements.

Story Date: January 29, 2022