IE Business Daily Business news for the Inland Empire.
There are no signs of a pending housing bubble, and 2018 might end up being the best year in recent memory for people trying to buy a home in the Inland Empire, according to a study.
Single-family home prices have doubled in the Inland region since 2011, and market fundamentals remain strong, an analysis by the UC Riverside School of Business Center for Economic Forecasting and Development reported.
Largely because of those two factors, many communities in Riverside and San Bernardino counties are expected to top their pre-recession price peak year.
“Arguably, the local housing market has underperformed in the current expansion,” said Robert Kleinhenz, the center’s executive research director, in an introduction to the study, Housing in the Inland Empire: Where It’s Been and Where It’s Going. “But in recent quarters construction activity has ramped up and expected increases in interest rates lend new urgency to would-be buyers.”
Because the Inland Empire will be the fastest growing part of Southern California during the next several years, more people are expected to take advantage of the region’s more affordable housing prices, Kleinhenz stated.
The report can be found on UC Riverside’s website.
