IE Business Daily Business news for the Inland Empire.
U.S home prices grew 11.4 percent in September compared with exactly one year earlier, the fifth straight month of year-over-year growth, according to data released Tuesday.
Most of that growth, which includes properties in some state of foreclosure, happened in the southeast United States, Irvine-based CoreLogic reported.
Month-over-month sales increased 0.5 percent.
The national housing market is still dealing with the fallout from COVID-19, which caused prices to reach “completely unaffordable levels” in much of the country, said Selma Hepp, an economist with CoreLogic, in a statement.
In the western United States, home prices have slowed from the peak they reached last spring but remain higher than they were one year ago.
Year-over-year growth in home prices is expected to slow to 3.9 percent by next September, CoreLogic predicted.
In the Inland Empire, home prices, including distressed properties, grew 13.7 percent between last September and the year prior. Not counting distressed properties the year-over-year growth rate was 13.2 percent, according to CoreLogic.
