Monday , January 18 2021

Home prices take big jump

Home prices nationwide rose 8.2 percent in November year-over-year, the largest such increase since March 2014, according to data released Tuesday.

Compared with October, prices rose 1.1 percent, Irvine-based CoreLogic reported in its monthly assessment of U.S. housing prices.

Prices of single-family homes and condominiums rose consistently during 2020, with sales last year expected to top 2019. Also, the number of homes for sale across the country dropped in 2020, as demand rose and COVID-19 caused some sellers to delay putting their houses on the market.

But the housing market stayed strong, in part because low-interest rates were an incentive for people who could afford a home to buy one.

“The housing market performed remarkably well in 2020 despite the volatile economic state,” said Frank Martell, CoreLogic’s president and chief executive officer, in a statement. “While we can expect to see lingering effects of COVID-19 resurgences and subsequent shutdowns in the early months of 2021, vaccine distributions and stimulus actions should revitalize [the economy] and keep home purchase demand, and home price growth, strong.”

In the Inland Empire, home prices were up 10.8 percent between November 2020 and November 2019, according to the data.

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