Wednesday , April 17 2024
Home prices keep growing

Home prices keep growing

The average price of a singe-family home grew 4.5 percent in September, the third consecutive month of accelerated growth in the national housing market, according to data released this week.

U.S. home prices have now grown year-over-year for 140 consecutive months and 42 percent since the pandemic began, CoreLogic in Irvine reported.

“While annual home price growth continued its third month of upward momentum in September, this mostly reflects a comparison with last year’s lows, when prices began to cool from double-digit growth in autumn 2022,” said Selma Hepp, CoreLogic’s chief economist, in a statement. “Still, given the continued rise of borrowing costs in 2023, it is remarkable to see how resilient home price growth has been in recent months.”

Last month’s 4.5 percent price increase included distressed properties, meaning any house that is near foreclosure or owned by the bank.

In the Inland Empire, single-family home sales were up 2.9 percent last month compared with September 2022, distress properties included, according to CoreLogic.

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