IE Business Daily Business news for the Inland Empire.
U.S. home prices were up seven percent year-over-year in November, while California prices rose eight percent during that time, according to data released this week.
In the Inland Empire, single-family home prices were also up eight percent in November from one year earlier, while month-over-month sales in the two-county region were essentially unchanged, CoreLogic reported.
The housing market, both locally and nationally, is still tilted in favor of sellers, said Frank Nothaft, Core Logic’s chief economist.
“Rising home prices are good news for home sellers, but add to the challenges that home buyers face,” Nothaft said in a statement. “Growing numbers of first-time buyers find limited for-sale inventory for lower-priced homes, leading to both higher rates of price growth for ‘starter’ homes and further erosion of affordability.”
Home prices nationwide, including distressed sales, are expected to increase 4.2 percent between November 2017 and November of this year, according to CoreLogic.
CoreLogic’s home price data includes distressed properties, meaning properties that are sold at a loss.
