For the past couple of years, it’s been tough for a lot of homebuyers in Redlands and the Inland Empire to make the numbers work. Home prices rose quickly. Mortgage rates climbed. And many buyers hit pause because it just didn’t feel possible. Maybe you were one of them.
But here’s some encouraging news: if you’ve been waiting for a better time to jump back in, affordability is finally showing signs of improvement this fall in Redlands, Yucaipa, Highland, and nearby areas.
The latest data from Redfin shows the typical monthly mortgage payment has been coming down — now about $290 lower than it was just a few months ago.
Here’s why: affordability really comes down to three things — mortgage rates, home prices, and wages. Right now, all three are moving in a better direction for buyers in San Bernardino County.
1. Mortgage Rates Are Lower
Mortgage rates have eased compared to earlier this year. In May, they hovered around 7%. Now, they’re closer to 6.3%.
That may not sound huge, but even small shifts in mortgage rates make a big difference in your monthly payment. For example, on a $400,000 loan, today’s rate could save you nearly $190 per month compared to when rates were at 7%.
That’s enough to bring more Redlands buyers back into the market. According to the Mortgage Bankers Association (MBA), purchase applications recently hit their highest level since July — more than 20% ahead of last year.
2. Home Prices Have Slowed
After years of fast growth, home price appreciation has cooled down. Prices in Redlands, Mentone, and Highland are holding steady, with some neighborhoods seeing slight dips.
As Odeta Kushi, Deputy Chief Economist at First American, says:
“National home price growth remains positive, but muted — low single digits.”
For local buyers, that’s a relief. Slower growth means it’s easier to budget, and it opens up opportunities in markets like Yucaipa and Loma Linda, where some homes may be more affordable than expected.
3. Wages Are Outpacing Home Prices
According to the Bureau of Labor Statistics, wages are up nearly 4% annually. Lawrence Yun, Chief Economist at NAR, explains:
“Wage growth is now comfortably outpacing home price growth, and buyers have more choices.”
That means the average paycheck is stretching a bit further against home prices. And in a tight market like Redlands, every little bit makes a difference.
What This Means for Redlands Buyers
Lower mortgage rates, slower home price growth, and rising wages may finally be enough to make buying possible again this fall.
While affordability is still tight, it’s already about $290 easier per month than it was just a few months ago. If you’ve been wondering whether it’s worth revisiting your home search, now may be the right time.
Bottom Line
Buying a home in Redlands or the Inland Empire is still a big commitment — but conditions are moving in your favor.
Let’s run the numbers together. We’ll look at your budget, explore your options, and see if this fall is the season you turn window-shopping into key-turning.
