IE Business Daily Business news for the Inland Empire.
U.S. home prices rose 8.6 percent in November, the 130th consecutive month of price growth, according to data released today.
That was the lowest rate of appreciation since November 2019, and it ended a streak of 21 consecutive months of double-digit price increases, Irvine-based CoreLogic reported.
The 8.6 percent growth rate includes distressed sales, meaning foreclosed properties or those about to be taken over by a bank.
Home prices were 2.5 percent below the peak they reached last spring, and that trend is likely to continue into 2023. By the second quarter, year-over-year home prices will be negative, but they will bounce back to just under 2.8 percent in November, CoreLogic predicts.
“Twenty-twenty-three will present its own challenges, as consumers remain wary of both the housing market and the overall economic outlook,” said Selma Hepp, CoreLogic economist, in a statement. “Potential homebuyers are grappling with the idea of buying amid possible further price declines and a continued inventory shortage.”
In the Inland Empire, home prices – including distressed properties – rose 8.7 percent in November compared with one year earlier, according to CoreLogic.
