IE Business Daily Business news for the Inland Empire.
Home prices, including distressed sales, increased in the Inland Empire during June, according to data released Tuesday.
Prices were up 5.8 percent year-over-year and 0.6 percent compared with May, Irvine-based CoreLogic reported in its monthly study on U.S. housing prices.
That was essentially the same as the national rate: a 5.7 percent increase from June 2015 and 1.1 percent jump from May.
Single-family home prices continue to increase throughout much of the country, particularly in lower price ranges, and prices are expected to go up by five percent during the 12 months, CoreLogic predicted.
“Mortgage rates dipped in June to their lowest level in three years, [helping] home purchases,” said Frank Nothaft, Core Logic’s chief economist, in a statement. “Local markets with strong economic growth have generally had stronger home-price growth.”
A distressed sale occurs when someone sells an asset, usually property or stocks, quickly and often at loss to raise cash quickly.
