IE Business Daily Business news for the Inland Empire.
Home prices in Riverside and San Bernardino counties rose 6.8 percent in July compared with July 2016, according to data released Tuesday.
Month-over-month, there was a price increase in the two-county region but nowhere near as dramatic: only one percent, Irvine-based CoreLogic reported.
The Inland housing market practically mirrored the national housing market during July: U.S. prices were up 6.7 percent compared with one year earlier and 0.9 percent compared with June.
In California, the price of a single-family home was up 6.7 percent year over year in July.
The report, which included distressed sales in all categories, did not include month-over-month data for state home sales
“Home prices in July continued to rise at a solid pace with no signs of slowing down,” Frank Martell, CoreLogic’s president and chief executive officer, said in a statement. “The combination of steadily rising purchase demand, along with very tight inventory of unsold homes, should keep upward pressure on home prices for the remainder of this year.”
Nationwide, home prices should increase by five percent between July of this year and July 2017, CoreLogic predicted.
