IE Business Daily Business news for the Inland Empire.
Growth in U.S. home prices slowed to 13.5 percent in August, the fourth consecutive month that year-over-year price growth has declined, according to data released last week.
Although home prices have recorded annual gains for 127 consecutive months, that was the lowest year-over-year increase since April 2021, Irvine-based CoreLogic reported in its monthly assessment of home prices.
“The increased cost of homeownership has dampened buyer demand and caused prices to decelerate at a faster pace than initially expected,” said Selma Hepp, interim lead of the Office of the Chief Economist at CoreLogic. “While decelerating price growth and price declines benefit younger potential homebuyers, mortgage rates that are approaching 7 percent may cut many hopefuls out of the picture.”
Nationwide, year-over-year home price gains are expected to slow to 3.2 percent by next August.
In the Inland Empire, home prices grew 13.7 percent in August, down from 17.6 percent in July, CoreLogic reported.
Year-over-year data was not available.
