|September 24, 2022|
Lower prices, rising inventory prop up housing market
INLAND EMPIRE – (INT) – Declining home values may get buyers off the sidelines.
Zillow reports a decline from July to August was the largest monthly decrease since 2011 at the height of the housing bust.
In the Riverside-San Bernardino-Ontario metro area::
• The typical home value is $575,434, down 0.7% since July and up 51.7% since August 2019.
• Inventory has risen 2.1% since July
• The share of listings with a price cut in August was 29.8%, compared to 30.7% in July.
• Listings typically spend 7 days longer on the market than in July
• Typical Inland Empire rent is $2,666, up 10.1% since last year.
In the Los Angeles area, typical rent is just over 3-thousand-dollars a month, an increase of more than 12 percent from a year ago.
Story Date: September 20, 2022