Inland Empire remains nation's tightest housing market
The Inland Empire continues to rank as the nation's tightest housing market, by one measure.
The supply of homes for sale in Riverside and San Bernardino counties was 48% below year-ago levels for the week ending Sept. 26, according to a Zillow analysis. And was the case for much of the summer, it's the biggest inventory drop among the 50 largest housing markets tracked.
Inventory in Los Angeles and Orange counties is down 25%, which in normal years might seem big. Yet in 2020's pandemic-crazed market, it's the ninth smallest drop nationally and trails the U.S. average 35% drop.
As a result of thin supplies and the urge to own, prices have risen sharply. For example, Riverside County's median sales price for August hit $441,000 — topping a 2006 bubble-era high. In San Bernardino County, the $380,000 median tied its 2006 high.
Other local tidbits from the Zillow report, starting with the Inland Empire:
Pending sales: New escrows fell 1.9% from last week but are 11.3% higher than last year.
Time, escrow from listing: Under contract after 9 days, 16 days faster than last year.
Median list price: Up 16% in a year to $482,348.
As for Los Angeles and Orange County:
Pending sales: New escrows 0.4% from last week but are 10.7% higher than last year.
Time, escrow from listing: Under contract after 12 days, 11 days faster than last year.
Median list price: Up 14% in a year to $954,500.