IE Business Daily Business news for the Inland Empire.
The cost of a single-family home just keeps climbing.
Home prices increased 6.5 percent nationwide in June, the 40th consecutive month of year-over-year increases, according to CoreLogic, a global property
information and analytics company in Irvine.
Month-over-month, the increase was 1.7 percent
Both of those figures included distressed properties, meaning houses that were placed on the market because of a pending repossession or foreclosure.
Not counting distressed properties, the numbers were essentially the same: up 6.4 percent year-over-year and up 1.4 percent month-over-month, according to the June 2015 CoreLogic Home Price Index, which was released Tuesday.
Thirty five states, including California, were within 10 percentage points of their peak price in June, while the remaining 15 states established new peak prices, CoreLogic reported.
Those figures included distressed properties.
“The current cycle of home-price appreciation is closing in on its fourth year with no end in sight,” said Anand Nallathambi, president and chief executive officer of CoreLogic, in a statement. “Pent-up buying demand and affordability, together with higher consumer confidence buoyed by a more robust labor market, are a potent
mix. More increases [are] likely to come.”
In the Inland Empire, home prices were up 4.5 percent year-over-year including distressed properties and 4.7 percent not counting them, CoreLogic stated.
