You are hearing about a possible double dip in the housing market, some talk of further price declines due to the lenders being more aggressive about foreclosures coming on the market.
This chatter is from the national news media. While this may be true on a national level, here in the Inland Empire (San Bernardino / Riverside Counties) the inventory of homes for sale is very low.
Riverside County shows homes for sale in the MLS are down 46% year over year.
August 2009: 9,162 homes for sale.
August 2010: 5,621 homes for sale.
Median sold price was up 11% in that same period.
San Bernardino County shows homes for sale down 35% year over year.
August 2009: 7,594 homes for sale.
August 2010: 5,324 homes for sale.
Median sold price was also up 11% in San Bernardino County.
With Riverside only having a 2.2 month inventory supply of housing and San Bernardino County 2.9 months supply, it is difficult to see prices falling in the near future.
With today’s low prices and low interest rates, this a great time to buy a home. The Inland Empire appears to be exempt from the chatter at this time.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment