Local home prices continue to rise
Inland Empire home prices, including distressed sales, rose 7.9 percent in December year-over-year, according to data released this week.
Prices were essentially unchanged compared with November, Irvine-based CoreLogic reported.
Nationwide, home prices were up 6.6 percent between December 2017 and December 2016, and up 0.5 percent from November.
“The number of homes for sale has remained very low,” said Frank Nothaft, chief economist for CoreLogic, in a statement. ”Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years.
“Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”
U.S. home prices, including distressed sales, will rise 4.3 percent between December 2017 and next December, CoreLogic predicted.