Riverside County housing market report: June 2016

Riverside County housing market report: June 2016

granite_countertopsHistorically, properties in this market sell at a 18.5% discount. Today’s discount is 27.8%. This market is 9.2% undervalued.

Median home price is $316,500 with a rental parity value of $442,300. This market’s discount is $125,800.

Monthly payment affordability has been improving over the last 4 month(s). Momentum suggests improving affordability.

Resale prices on a $/SF basis increased from $179/SF to $181/SF. Resale prices have been rising for 7 month(s).

Over the last 12 months, resale prices rose 6.7% indicating a longer term upward price trend.

Median rental rates increased $24 last month from $1,886 to $1,911. The current capitalization rate (rent/price) is 5.8%.

Rents have been rising for 12 month(s). Price momentum signals rising rents over the next three months.

Market rating = 9

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