IE Home Prices up 24% and Other Trends

Published on

Inland Empire Economic Forecast Conference

SAN BERNARDINO COUNTY —  Inland Empire home prices have jumped 24% since the second quarter of 2020, although price advantages are expected to decay. University of Riverside Center for Forecasting Chief Researcher Dr. Taner Osman discussed the trend, Wednesday, during the 12th Annual Inland Empire Economic Forecast Conference. 

The strength of the Inland Empire’s housing market is due to its affordability compared to neighboring regions where median home prices are double. At a median price of $482,000, the Inland Empire’s existing single-family homes are significantly more affordable than those in Los Angeles ($841,000), Orange ($983,000), and San Diego ($802,000) counties. The limited number of homes for sale also contributes to the rising prices.

“That said, the region is becoming increasingly expensive relative to the rest of the nation,” said Osman. “Home price growth will slow if interest rates begin to tick up.”

The pandemic’s impact on online shopping gave a boost to the logistics industry where “the Inland Empire’s Transportation and Warehousing sector is 22% higher today (or +34,000 positions) compared to pre-pandemic levels.”

Osman also discussed the upward trend in wages. 

Constrained labor supply will push wages higher for workers, and higher wages should draw more workers into the labor market. Taner Osman

Overall, Osman says the Inland Empire will see a continuation of the trends experienced in 2021. While there are longer term instabilities in the larger economy, economic growth over the next year looks relatively strong and steady for the region. 

Click here for the full report.

spot_img

Latest articles

75th Annual Victorville Christmas Parade brings the community together for the holidays

VICTORVILLE – Horses, Christmas floats and local marching bands playing holiday music marked the 75th Annual Victorville Children’s Christmas Parade, Saturday, in Old Town Victorville.

Water Leaders application due Dec. 7

STATEWIDE – The Water Education Foundation’s Water Leaders program, aimed at emerging leaders involved with water, is accepting applications until Dec. 7 for the 2023 class.

Survey finds 88% of adults in Inland Empire are concerned about lack of ‘well-paying jobs’

INLAND EMPIRE – Public Policy Institute of California (PPIC) an independent, nonpartisan research group, released regional results, Dec. 1, from its latest survey Californians and Their Economic Well-Being.

High Desert America’s Job Center holding hiring event in response to United Furniture Industries mass layoff

VICTORVILLE –  High Desert America's Job Center is holding a special Rapid Response hiring event for United Furniture Industries (UFI) employees who were recently laid off from the Victorville distribution center.

More like this

Survey finds 88% of adults in Inland Empire are concerned about lack of ‘well-paying jobs’

INLAND EMPIRE – Public Policy Institute of California (PPIC) an independent, nonpartisan research group, released regional results, Dec. 1, from its latest survey Californians and Their Economic Well-Being.

Victorville hosting workshops for $1.9 million available in grants

VICTORVILLE – Victorville will be holding its first technical assistance workshop, Tuesday, Nov. 29, to help nonprofit organizations prepare grants applications.

Report says homes near ALDI have highest 5-year price appreciation

HESPERIA – ATTOM, a real estate data analytics firm, published Tuesday, its annual Grocery Store Wars report.