May212016

Riverside County Housing Market Report: May 2016

Riverside County Housing Market Report: May 2016

1rentals-houseHistorically, properties in this market sell at a 18.5% discount. Today’s discount is 27.4%. This market is 8.9% undervalued.

Median home price is $314,800 with a rental parity value of $438,600. This market’s discount is $123,800.

Monthly payment affordability has been improving over the last 3 month(s). Momentum suggests improving affordability.

Resale prices on a $/SF basis increased from $178/SF to $178/SF. Resale prices have been rising for 6 month(s).

Over the last 12 months, resale prices rose 6.4% indicating a longer term upward price trend.

Median rental rates increased $26 last month from $1,845 to $1,872. The current capitalization rate (rent/price) is 5.7%.

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

Market rating = 9