IE Business Daily Business news for the Inland Empire.
U.S. home prices rose 3.7 percent in August, the 139th consecutive month that prices have gone up year over year.
That was the highest 12-month increase since February, enough to leave single-family home prices nationwide 42 percent higher than they were when the pandemic began in the United States in March 2020, according to CoreLogic in Irvine.
Nationwide, the median price of a single-family home in August, including distressed properties, was $375,000.
Home prices rose 0.3 percent between July and August.
The U.S. housing market continues to stay relatively strong despite rising mortgage rates, a sign of strong demand and a healthy labor market, strong wage growth, and supporting demographic trends,“ said Selma Hepp, CoreLogic’s chief economist.
“While mortgage rate increases challenge affordability across U.S. housing markets, home price growth is in line with seasonal averages,” Hepp said in a statement. “Still, with a slower buying season ahead and the surging cost of homeownership, additional monthly price gains may taper off.”
In the Inland Empire, single-family home prices – distressed properties included – rose 1.5 percent between August 2022 and August 2023, and were virtually unchanged between July and August, according to CoreLogic.
