IE Business Daily Business news for the Inland Empire.
Inland Empire home prices, including distressed sales, increased by 6.1 percent during May compared with May 2016, according to data released Wednesday.
Month over month, home prices in Riverside and San Bernardino counties were up 0.8 in May, Irvine-based CoreLogic reported.
Nationwide, prices were up 6.6 percent compared with May of last year, but rose only 1.2 percent during that time.
Not enough houses – a problem that is particularly acute in the Inland region – continues to hurt the state’s housing industry.
“The market remained robust with home sales and prices continuing to increase steadily in May,” said Frank Nothaft, chief economist for CoreLogic, in a statement. “While the market is consistently generating home price growth, sales activity is being hindered by a lack of inventory across many markets.”
Home prices in California are expected to go up 5.3 percent between May of this year and May 2018, CoreLogic predicted.
