IE Business Daily Business news for the Inland Empire.
Riverside sustained a 3.3 percent drop in real housing price between January of this year and January 2017, one of the largest declines in the United States, according to data released Wednesday.
Pittsburgh, -7.8 percent, Memphis, -2.4 percent, Baltimore, -2 percent and Virginia Beach at -1.8 percent recorded the other major drops in real housing prices during that time, the First American Real House Price Index reported.
The monthly index is published by First American Financial Corp. in Santa Ana. It measures the prices of singe-family homes in the United States, while factoring in changes in income and interest rates and how they impact peoples’ ability to buy a house.
Nationwide, real housing prices rose 2.3 percent between January of this year and January 2017, while consumer home-buying power went up 3.7 percent in that 12-month period, according to the index.
