IE Business Daily Business news for the Inland Empire.
U.S. home prices grew 10.1 percent year-over-year in October, the lowest increase in nearly two years, according to data released Tuesday.
Low inventory, loss of purchase power and uncertainty regarding the economy’s immediate future are some of the reasons for the slowdown, which is expected to last into next spring, Core Logic in Irvine reported.
“Following the recent mortgage rate surge above seven percent, real estate activity and consumer sentiment regarding the housing market took a nosedive,” said Selma Hepp, interim lead of the office of the chief economist at CoreLogic. “Home price growth continued to approach single digits in October, and it will move in that direction for the rest of the year and into 2023.”
Nationwide, home prices were essentially stagnant ( 0.1 percent decline) between September and October.
In the Inland Empire, single-family home prices grew nine percent in October from one year earlier, down from 11 percent in September, according to CoreLogic.
