IE Business Daily Business news for the Inland Empire.
The national housing market remained a seller’s market during February.
Including distressed sales, prices rose 5.6 percent compared with February 2014, marking three consecutive years of year-over-year price increases, according to data released Tuesday by CoreLogic in Irvine.
In the Inland Empire, prices were up 5.1 percent in February counting distressed sales and 4.7 percent excluding them. Only six major submarkets, including Los Angeles-Long Beach- Glendale, recorded higher price increases during the second month of the year.
Mostly because of a lack of inventory, home prices nationwide are expected to increase 5.1 percent between February of this year and February 2016, according to CoreLogic, which provides property information and analytics to public and private sector clients.
Most of the price growth has been on the low end of the housing market.
From February 2014 to February of this year, low-end housing prices increased by 9.3 percent compared with 4.8 percent growth on the high end, three times the historical average, said Dr. Frank Nothaft, chief economist with CoreLogic.
