Riverside County Housing Market Report: February 2016
IRVINE, Calif., February 2, 2016 – OC Housing News
Historically, properties in this market sell at a 18.5% discount. Today’s discount is 23.5%. This market is 5.0% undervalued.
Median home price is $305,500 with a rental parity value of $403,100. This market’s discount is $97,600.
Monthly payment affordability has been worsening over the last 1 month(s). Momentum suggests unchanging affordability.
Resale prices on a $/SF basis increased from $174/SF to $175/SF. Resale prices have been rising for 3 month(s).
Over the last 12 months, resale prices rose 5.9% indicating a longer term upward price trend.
Median rental rates declined $2 last month from $1,785 to $1,783. The current capitalization rate (rent/price) is 5.6%.
Rents have been rising for 12 month(s). Price momentum signals rising rents over the next three months.
Market rating = 8
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