IE Business Daily Business news for the Inland Empire.
Single-family home prices in the United States rose dramatically in July, and the Inland Empire lead the charge.
Prices in the Riverside-San Bernardino market were up 13.8 percent compared with July 2013, the largest price increase of any major metropolitan market in the United States, according to CoreLogic, an Irvine company that provides information to the real estate and financial industries.
Nationwide, prices were up 7.4 percent compared with July 2013, CoreLogic’s Home Price Index Report stated Tuesday.
The median home in the Inland region in July in San Bernardino County was $240,750, in Riverside County $291,000, according to DataQuick, a real estate information service in La Jolla.
A 13 percent year-over-year price increase is impressive, but the Inland region – which more or less sinks or swims economically with the performance of its housing industry – has seen larger: prices rose 32 percent in September 2012, and prices have risen at double-digit rates for more than two years.
The geographic areas driving price increases nationwide have changed recently, said Sam Khater, deputy chief economist with CoreLogic.
“Entering this year, prices were led by western and southern states, but over the last few months northeastern and midwestern states are migrating to the forefront of the home price rankings,” Khater said in a statement.
