9/01/2005

California's Inland Empire Sees Surge in Housing Starts

After visiting several developments last weekend, it's obvious Riverside County growth in former open land is seeing constant price growth. Developers push higher density--bigger houses on smaller lots--in very recent developments compared to those of 4-5 years ago. This is the new housing growth in Southern California. "... -- the second quarter of 2005, 39 percent of the new homes sold in the Inland Empire were priced between $325,000 and $424,000, up from 24 percent in the second quarter of 2004, ... . By contrast the lower price range of $250,000 to $324,000 represented only 13 percent of the market, down from 19 percent a year earlier." This surge in population is not always accompanied by the infrastructure, i.e., new and wider roads, but it will have to come with time. See article for more information.

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