IE Business Daily Business news for the Inland Empire.
Home prices rose 6.3 percent throughout the country during May compared with May 2014, a report released Tuesday stated.
That number, which includes distressed sales, means prices of single-family homes have gone up year-over-year for 39 consecutive months, according to CoreLogic’s May 2015 Home Price Index.
Month-over-month, home prices were up 1.7 percent in May, including distressed properties.
Not counting distressed sales – meaning properties sold at a loss, usually because the seller needs cash immediately – May home prices were still up 6.3 percent compared with exactly one year earlier.
Month-over-month, prices were up 1.5 percent, not counting distressed sales.
In the Inland Empire, home prices in May were up 4.8 percent year-over-year including distressed sales and five percent without them, CoreLogic stated.
Mortgage rates on 30-year fixed rate loans remained below four percent in May, which added to the number of homes being bought, said Frank Nothaft, CoreLogic’s chief economist, in a statement.
Also, markets with hight demand and limited supply – San Francisco, for example – have posted double-digit appreciation rates during the past 12 months, which has helped raise prices, Nothaft said.
CoreLogic is a publicly traded company based in Irvine. It provides real estate information and other data to private and public clients in North America, Asia Pacific a and Western Europe, according to the company’s website.
