Homebuying in Riverside and San Bernardino counties ran at the ninth-slowest March pace on record despite a noteworthy seasonal jump in closed transactions from February.

Inland Empire home purchases totaled 5,121 in March, according to CoreLogic. That’s up 31% for the month but down 41% for the year.

How slow is that?

No. 9 slowest-selling March in records dating to 1988.
45th-smallest sales total for any month.
23% below the average March

Yes, some house hunters returned to the market in early 2023 despite economic skittishness and lofty mortgage rates that have cut buying power by 23% in a year. Still, sales In the six-county Southern California region in the past year fell by 37% to 15,307 – the second-slowest March on record. The six-county median sales price fell 2.1% to $705,000.

The basics

Let’s look inside the Inland Empire market, starting with March sales.

Riverside County had 3,154 closings, up 35% in a month but 39% lower in a year. San Bernardino County had 1,967 sold —  up 25% in a month but 43% lower in a year.

Note: A March sales bump is little surprise. Since 1988, sales have grown from February by an average 36% in Riverside and 30% in San Bernardino.

Next, consider how prices moved.

In Riverside County, the $535,750 median was down 0.8% in a month and 5% lower in a year. It’s also 10% off the $598,500 record high set in April 2022.

San Bernardino County had a $480,000 median —  up 1.1% in a month and 1% higher in a year. It’s also 8% off the $523,000 peak of May 2022.

Since 1988, the average March has had prices gaining 1.7% in Riverside for the month and advancing 1.3% in San Bernardino.

Payment pain

Pricier financing is a factor: The 30-year mortgage averaged 6.54% in March vs. 4.17% 12 months earlier.

My trusty spreadsheet tells me Riverside County buyers got an estimated house payment that’s 24% pricier – $2,720 per month on the $535,750 median vs. $2,197 on a year ago’s $563,500 home. And that assumes having $107,150 for a 20% downpayment.

In San Bernardino County, buyers got a 32% bigger payment – $2,437 monthly on the $480,000 median vs. $1,852 on a year ago’s $475,000 home. That’s needs $96,000 for a 20% downpayment.

Single-family homes

Sales: Riverside County’s 2,163 transactions were up 34% in a month but 41% lower in a year. San Bernardino County’s 1,508 closings were up 27% in a month but 44% lower in a year.

Prices: Riverside County’s $543,750 median was up 1% in a month but 6% lower in a year. San Bernardino County’s $470,000 median was up 4% in a month and flat in a year.

Condos

Sales: Riverside County had 404 sold —  up 47% in a month but 28% lower in a year. San Bernardino County had 95 sold —  up 20% in a month but 53% lower in a year.

Prices: Riverside County’s $490,000 median was up 8% in a month and 5% higher in a year. San Bernardino County’s $495,000 median was up 8% in a month and 1% higher in a year.

New homes

Sales: Riverside County builders sold 487 units —  up 28% in a month but 37% lower in a year. San Bernardino County had 224 new residences sold —  up 1% in a month but 38% lower in a year.

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Prices: Riverside County’s $571,750 new-home median was down 4% in a month and 1% lower in a year. San Bernardino County’s $600,000 median was up 2% in a month and 5% higher in a year.

Builder share: In Riverside County, new homes were 15.4% of all closings last month compared with 15.1% 12 months earlier. San Bernardino County’s 11.4% share last month compares to 10.4% 12 months earlier.

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected]