IE Business Daily Business news for the Inland Empire.
Inland Empire home prices, including distressed sales, were up 5.9 percent in April year-over-year, according to data released Tuesday.
That matched both the state and national trend: prices of single-family homes in April were up 6.6 percent in California and 6.2 percent nationwide compared with April 2015, Irvine-based CoreLogic reported in its monthly home price index.
A combination of low mortgage rates and a lean supply of available homes has caused home prices to go up in most markets, but that trend is expected to reverse during the second half of this year, said Dr. Frank Nothaft, CoreLogic’s chief economist, in the report.
U.S home prices, including distressed sales, are expected to increase by 5.3 percent between April of this year and April 2017, according to CoreLogic.
A distressed sale is one in which a property is sold quickly, and usually at a loss, so that the owner may raise cash quickly.
