Inland Empire home prices hitting a record of $373,860

"Inland Empire home prices continued their relentless climb last month, with the median price hitting a record $373,860. That's a 2.5 percent increase from May but up 22.7 percent from a year ago, according to the California Association of Realtors."

The Inland Empire remains an attractive place to live. Expect the median home price to climb above $475,000 as long as lending standards for residential mortgages remain relatively loose.

The inventory of homes has increased in the Inland empire which indicates that the market is cooling.
Tom Adams, co-owner of Century 21 Adams & Barnes, agreed.

"There are so many homes for sale today. ... It's almost as if people are thinking this is the last hurrah for a while and they need to get on board," said Adams, whose company has offices in Monrovia and Glendora.

Adams said he's still seeing multiple offers on houses, although some sellers make the mistake of "reaching too high."

"When a home is priced too high, that can eliminate any offers," he said. "We're not in the same market we were four or five months ago. Back then, anything that was listed got multiple offers, regardless of price. But the affordability index has fallen."

So this last $100,000 in increase in median price will probably take two years. But expect it.

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