National home prices increased 4.9 percent in June compared with June 2019, according to data.
Month-over-month, prices of condominiums and single-family homes rose one percent in June, the fastest monthly gain since January 2013, Irvine-based CoreLogic reported in its monthly assessment of the U. S. Housing market.
“Mortgage rates hit record lows this spring, which created affordability for home buyers,” said Frank Nothaft, CoreLogic’s chief economist, in a statement. “First-time buyers, and millennials in particular, have jumped at the opportunity to achieve homeownership.”
Nationwide, CoreLogic is predicting a “modest” decline in home prices during the next year, according to the report.
Locally, home prices in the Inland Empire – including distressed properties – rose five percent in June year-over-year, essentially the same as the national rate. With distressed properties eliminated, the increase was just under 4.6 percent.
Distressed properties are either in foreclosure or being sold by the lender.