IE Business Daily Business news for the Inland Empire.
Inland Empire home prices, including distressed sales, rose by 6.6 percent in June, according to data released Tuesday.
Month-over-month, sales in Riverside and San Bernardino counties were up – 1.2 percent – Irvine-based CoreLogic reported in its monthly report on U.S. home prices.
Nationwide, home prices – including distressed sales – were up 6.7 percent in June compared with June 2016. Month over month, prices were up 1.1 percent in June, CoreLogic reported.
“The growth in sales is slowing down, [but] this is not due to lack of affordability,” said Dr. Frank Nothaft, chief economist for CoreLogic, in a statement. ”[It’s] a lack of inventory. As of the second quarter of 2017, the unsold inventory as a share of all households is 1.9 percent, which is the lowest second quarter reading in over 30 years.”
