63 new homes for under $500,000 coming to Riverside

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(This article was written by Jonathan Lansner and published on www.pe.com on May 28, 2019.)

The heart of the city of Riverside is getting 63 new homes, priced in lower-$400,000 range.

KB Home has begun selling Primrose, a project located between the city’s Arlington Station and the Galleria at Tyler shopping center. The community is set on a 9-acre site that once was vacant land, a storage yard and two residences.

The neighborhood will have two-story homes ranging between 1,700 and 2,100 square feet with up to five bedrooms and three bathrooms. The Primrose website cites pricing of $419,990 to $445,990.

“With such an array of attractions and activities within a few minutes’ drive, Primrose has a lot to offer,” said John Fenn, president of KB’s Inland Empire division.

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Primrose has plenty of competition as the Inland Empire has a large inventory of new homes for sale.

At the end of the first quarter, 1,707 finished homes were unsold, according to MetroStudy. That’s up 29% over 12 months and 25% above the five-year average. Builders in Riverside and San Bernardino counties had 2,616 units under construction as of March 31, down 25% in a year and off 9% from the five-year average.

Primrose comes to market as homebuying has cooled. CoreLogic reports 1,082 new homes sold in Riverside County in the first quarter, down 2% in a year. The median sales price? $434,250.