Construction on single-family housing in California’s Riverside-San Bernardino metro area totalled 2,182 units in the first quarter, the most since early 2008.
The Inland Valley Daily Bulletin reports that construction is increasing, but at a measured pace, especially when compared to the middle of the last decade. In those days, the Inland Empire might have 35,000 or 45,000 homes built each year. This year, experts are expecting around 10,000 homes to be built.
The median price of a home in the region increased 9 percent over the year to $322,000, and sales rose 8 percent from last year to 14,840 in Q1. The Inland Empire’s homeownership rate sits at 61 percent, which is above the state’s average of 55 percent.