IE Business Daily Business news for the Inland Empire.
U.S. home prices are definitely in decline.
Prices of single-family homes went up an average of two percent in April compared with April 2022, the sixth consecutive month of single-digit growth nationwide, according to data released by CoreLogic in Irvine.
On the positive side, that was the 135th consecutive month of annual growth, but it was down nearly 20 percent from the peak the market reached in the spring of last year.
Multiple economic issues are keeping many potential buyers out of the market, including inconsistent mortgage rates and the uncertainty created by the recent debt-ceiling battle, CoreLogic stated in its monthly housing report.
Home price growth will continue to slow between now and the end of the year, but it will be back up to about five percent one year from now, the company predicts.
In the Inland Empire, home prices fell 1.5 percent between April of this year and April 2022, according to CoreLogic.
