INLAND EMPIRE – (INT) – Spring blooms eternal, but could that signal a thawing real estate market?

Zillow says home buyers can expect plenty of competition for well-priced houses, not due to a flood of other home shoppers, but a lack of options to choose from.

In the Inland Empire:
• There are 18.3% more homes for sale than a year ago, down 32.7% since February 2020.
• The typical home value is $537,289, up 0.2% from last year and 36.7% from 2020.
• Monthly mortgage cost for a typical home is $2,772, up 41.8% year over year.

Relatively high mortgage rates are encouraging current homeowners to stay put, and any drops – though short-lived – are stimulating sales. Buyers are motivated, but volatility is making it hard for both buyers and sellers to plan, Zillow reports.

Story Date: April 4, 2023