IE Business Daily Business news for the Inland Empire.
Riverside had one of the largest increases in pending home sales – 1.3 percent – of any major city in the United States during the four-week period that ended March 2, according to a report.
Other major metros that experienced major year-over-year increases in that category included Los Angeles (8.5 percent), Anaheim (6.3 percent), Phoenix (three percent), Riverside and Columbus, Ohio (1.1 percent), Redfin, the real estate brokerage firm, reported.
A pending home sale is one when a seller has agreed to an offer but the deal has not been closed and escrow has not started.
Nationwide, U.S. home sales fell 6.4 percent during the aforementioned four-week period, the second-biggest one-year decline since November 2023.
“Sales are sluggish because the median U.S. sale price is up 3.2 percent, and the typical homebuyer’s monthly housing payment is just $26 shy of its all-time high,” the report states. “Plus, some prospective buyers are wary about making a big purchase amid economic uncertainty, including concerns about tariffs, slowing economic growth and layoffs.”
