IE Business Daily Business news for the Inland Empire.
U.S. home prices rose 13 percent in April year-over-year, the largest increase of that kind since February 2006.
Not enough new houses are being built, combined with an ever-growing number of people who want to enter the housing market or purchase a “move-up” home, which continues to push home prices to record levels, according to CoreLogic in Irvine.
Also, people aren’t selling their homes as often as they once did.
“Baby boomers are staying in their homes longer, slowing the pace with which existing homes come on the for-sale market,” said Frank Nothaft, Core Logic’s chief economist, in a statement. “Owner-occupants today have been in their homes for a median of 13 years, about 50 percent longer than the previous generation.”
In the Inland Empire, home prices rose 16.8 percent between April 2021 and April of last year. That figure does not include distressed properties.
Home prices are expected to increase 2.8 percent by April 2022, as affordability will drive some would-be buyers out of the market, according to CoreLogic.
