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Status Update: Inland home-price appreciation over 10 years is 6th in nation

What a difference 10 years make.
In 2009, when unemployment in the Inland Empire was about 14 percent and thousands of homeowners were facing foreclosure, the average median price for a home in San Bernardino and Riverside counties had dropped to $244,800.
Now, according to a recent study from loan company Lending Tree, the median price is $355,542. The $110,742 increase over that 10 years is the sixth highest among 50 metropolitan studied.
Five of the top six markets in this study are in California. San Jose’s median price of nearly $1,006,000 gained $367,586 in 10 years, the most among U.S metros. It was followed by San Francisco (up $268,810), Los Angeles/Orange County (up $195,995) and San Diego (up $194,299). Denver ranked fifth and was the only non-California metro in the top seven.
Home prices in the Inland Empire peaked at $425,000 at the end of 2006 in Riverside County and $380,000 in San Bernardino County.
According to the most recent data from CoreLogic, the median prices have not gotten back to those housing-bubble levels. After the weakest January for sales volume in 11 years, the median prices were $380,000 in Riverside County and $320,000 in San Bernardino County.
The four weakest markets for 10-year growth among the 50 listed by the Lending Tree study were Hartford, Conn., Chicago, Virginia Beach, Va., and Baltimore.
Unemployment rates and income levels play into housing demands, and the Inland Empire’s improvement in the former category was significant. In 2009 the jobless rate in the region was 14.4 percent; it’s now estimated at 4 percent. The decline of 10.4 percentage points is the second steepest in the country, behind only Detroit.
Measuring the money flowing into households is a different story. The median income for the Inland Empire was estimated at $64,463 in 2019, an increase of about $10,600 over the last 10 years. The two-county region ranks 47th of the 50 cities listed in the study, ahead of New Orleans, Las Vegas and San Antonio.
Barons Market, due to open its doors in Menifee this spring, will hold a job fair to hire at least 40 employees. The two-day hiring event is March 15 and 16. The event from 10 a.m. to 4 p.m. will be held at the soon-to-open store at 29787 Antelope Road. New hires will be announced in early April, in time for training before the store opens. (Courtesy of Barons Market)
Habitat for Humanity is partnering with several sponsors to rebuild the house of beloved teacher Jean Hayman who died in 2004. With funding, the Habitat home will provide affordable housing for a new family. (File photo)
Sound The gallery will resume in seconds Habitat for Humanity Inland Valley has broken ground for a new home in Lake Elsinore that will be a replacement for the historic Jean Hayman home. Habitat for Humanity is hoping that enough donations will allow the home, seen here in a rendering, to be completed and provide affordable housing for a family. (Courtesy of Habitat for Humanity)
Alisha Williams, an organizational psychologist, will lead the Temecula location of Hera Hub. The San Diego-based company that develops female-centered coworking spaces and business accelerators.
As part of its recognition of Women’s History Month, commercial real estate company JLL (Jones Lang LaSalle) is honoring Cristy Faber, a long-time senior brokerage assistant at the firm’s Ontario office.
Show Caption of Expand
Sold.com expands
Sold.com, which touts itself as a resource for home sellers, has launched in Riverside, San Diego and three cities in other states, according to the company.
The Irvine-based company is a new educational platform that helps home sellers find the best options using traditional and new platforms. Their computer model considers thousands of data points, including properties, locations and owners’ preferences.
It then can match consumers with options that include agents, institutional buyers, new technologies and more. The service also provides sellers with a personal concierge to assist the homeowner.
Sold.com is free for the consumer. Riverside and the other new markets were chosen based on market demand, the availability of new options, market size and basic demographics.
Workspace for female entrepreneurs
Hera Hub, a San Diego-based company that develops female-centered coworking spaces and business accelerators, has a new licensee in Temecula. It will be Hera Hub’s eighth location in the U.S.
Hera Hub’s workspaces serve women in a variety of careers, from science and technology to creative arts and education. Activities include seminars and one-on-one counseling and are open to all, not just women.
Alisha Williams, an organizational psychologist, will lead the Temecula location. She has worked on issues covering the role of women in business for more than 15 years and served on the California Commission on the Status of Women and Girls.
The office will formally open in July. More information is available at HeraHub.com/Temecula .
Food market job fair
Barons Market, due to open its doors in Menifee this spring, will hold a job fair to hire at least 40 employees. The two-day hiring event is March 15 and 16.
The job fair from 10 a.m. to 4 p.m. will be held at the soon-to-open store at 29787 Antelope Road. New hires will be announced in early April, in time for training before the store opens.
Barons Market specializes in organic, natural and specialty food at popular prices. The Menifee store will be its eighth location overall.
JLL honors Cristy Faber
As part of its recognition of Women’s History Month, commercial real estate company JLL (Jones Lang LaSalle) is honoring Cristy Faber, a long-time senior brokerage assistant at the firm’s Ontario office.
Faber, who earned her real estate sales license in 2003, has helped put together real estate deals involving Procter & Gamble, Under Armour, Ross, Hillwood Development and many others in her 10 years with JLL.
Habitat for Humanity rebuilding Hayman home
Habitat for Humanity Inland Valley has broken ground for a new home in Lake Elsinore that will be a replacement for the historic Jean Hayman home.
The rebuild project is sponsored by Lake Elsinore and Riverside County officials, along with five corporate sponsors. Habitat for Humanity is hoping that enough donations will allow the home to be completed and provide affordable housing for a family.
Jean Hayman was a beloved teacher in Lake Elsinore schools for 37 years. She died in 2004 at the age of 81.
“This home will be a testament to the exemplary life that Jean Hayman lived and will stand as a reminder to the community of her passion, dedication, and tenacious spirit to improve the lives of Lake Elsinore residents,” said Tammy Marine, executive director of Habitat for Humanity Inland Valley, in a statement.
For more information about the project, contact Eric Bunge at eric@habitativ.org .
Coming up
The Inland Empire Association of Realtists, the local branch of the National Association of Real Estate Brokers, will hold an event to mark the group’s dedication to increasing black Americans’ wealth through homeownership.
“Realtist Week” — at The View Church in Menifee the week of April 7 — also will mark the 51st anniversary of the Fair Housing Act. April 7 will be a day of worship and prayer at the Menifee church, and the following Saturday, April 13, is Community Wealth Building day.
According to U.S. Census Bureau data, homeownership for African Americans was close to 50 percent in 2004 but has been steadily declining since.
Status Update is compiled by Inland Empire business reporter Jack Katzanek and edited by Business Editor Samantha Gowen. Submit items to jkatzanek@scng.com or  sgowen@scng.com . High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity. Related Articles





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