San Bernardino County’s homebuying binge continued in June as price records were broken across the region and in all six Southern California counties.
House hunters ignored soaring prices and bidding wars and bought homes at a pace not seen in years. Here’s what my trusty spreadsheet found within DQNews/CoreLogic’s report on closed transactions in San Bernardino County for June …
1. Sales: 3,547 existing and new residences sold — up 19% from May and up 42% in a year.
2. Context: You have to go back to 2006 to find a June with more sales. This was the 10th-busiest June since 1988. Last month was 32% above the 10-year average buying pace for June. Compared with the previous month, sales increased 18.7% vs. an average 7.4% gain since 1988. This is a period where transactions rose in 27 of the last 34 years.
3. Past 12 months? 36,973 San Bernardino County sales — up 28% above the previous 12 months and 27% above the 10-year average.
4. Prices: The countywide $442,750 median was up 21.3% over 12 months. This breaks the record $433,000 set in April.
5. Context: Over 10 years, price gains averaged 11.6% annually. The latest 12-month gain ranks No. 45 of the 390 12-month periods since 1988.
6. Past 12 months? 6 records set. The median rose at a rate equal to $77,750 increase equals $8.88
Here’s a look into key slices of San Bernardino County’s market …
7. Existing single-family houses: 2,892 sold, up 43% in a year. Median of $439,000 — a 29% increase over 12 months.
8. Existing condos: 204 sales, up 40.7% over 12 months. Median of $420,000 — a 20% increase in a year.
9. Newly built: Builders sold 451 new homes, up 33.8% in a year. Median of $493,750 — a 1.1% decline over 12 months.
10. Builder share: 12.7% of sales vs. 13.5% a year earlier. The county’s builder slice of the market ranks No. 2 among SoCal’s six counties.
And the bigger picture …
11. Rates: How cheap is money? Rates on a 30-year, fixed-rate mortgage averaged 3.00% in the three months ending in June vs. 3.23% a year earlier. That translates to 3% more buying power for house hunters. At these rates, a buyer with 20% down would pay $1,493 a month on the $442,750 median sale vs. $1,268 on last year’s $365,000 median. So during the past year, the typical house payment is 18% pricier.
12. Supply: Some good news for buyers is that Southern California listings bottomed out in February and increased 10% — some 3,600 homes — since then, figures from Zillow show. On the other hand, listings are 18% lower than during the depths of pandemic lockdowns, down some 8,700 listings year over year.
Around Southern California, according to DQNews’ latest report on closed sales in June compared to a year earlier …
Six-county region: 27,012 sold, up 12% for the month, up 52% in a year. Median? record $680,000 — a 23% increase.
Los Angeles County: 8,555 sold, up 10% for the month, up 69% in a year. Median? record $790,000 — a 23% increase.
Orange County: 4,146 sales, up 18% for the month, up 67% in a year. Median? record $900,000 — a 18% increase.
Riverside County: 4,790 sales, up 9% for the month, up 44% in a year. Median? record $510,000 — a 20% increase.
San Diego County: 4,789 sold, up 13% for the month, up 34% in a year. Median? record $750,000 — a 25% increase.
Ventura County: 1,185 sold, up 5% for the month, up 48% in a year. Median? record $736,000 — a 23% increase.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
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Why San Bernardino County home prices rose $9 an hour — that’s $77,750 in a year - San Bernardino County Sun
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