Banning, Beaumont Housing Prices Setting New Records

SAN GORGONIO PASS AREA, CA — Banning and Beaumont, along with the rest of the region, are seeing a significant jump in home prices. From January 2020 through February 2021, the increase is double-digit.

"Beaumont home values have gone up 12.5 percent over the past year. The typical home value of homes in Beaumont is $398,593," according to Zillow.com. In Banning, the increase is 11.7 percent with the home value at $299,939.

The data align with figures out Tuesday from DQ News/CoreLogic that show home prices reached an all-time high in Riverside County last month. The median price of a home in the county is now $465,000.

Low mortgage rates continue fueling demand. On Tuesday, the California 30-year fixed rate was down to 2.96 percent, according to Zillow. The rate is down 6 basis points from last week's average California rate of 3.02 percent.

"Record-low mortgage rates were a significant driving force behind last year’s rebound in housing market activity,” Frank Martell, president and CEO of CoreLogic, said in January as part of the company's home price index forecast. “However, heavy competition for the few houses on the market drove home prices to historic highs, and mortgage rates are no longer enough to sway the affordability challenges for consumers."

CoreLogic is expected to release its next forecast April 6.