IE Business Daily Business news for the Inland Empire.
U.S. home prices, including distressed sales, were up seven percent in February year-over-year, according to data released Tuesday.
Compared with January, home prices were up only one percent, Irvine-based CoreLogic reported in its monthly report on national home prices.
“Home prices continue to grow at a torrid pace so far in 2017 and these gains are likely to continue well into the future,” said Frank Martell, president and chief executive officer of CoreLogic, in a statement.
“Home prices are at peak levels in many major markets and the appreciation is being driven by a number of dynamics–high demand, stronger employment, lean supplies and affordability–that will continue to play out in the coming years.”
CoreLogic is predicting that home prices nationwide will grow 4.7 percent between February of this year and February 2018.
In the Inland Empire, home prices – including distressed sales – were up 5.7 percent year-over-year but were essentially unchanged month-over-month in February, according to CoreLogic.
