IE Business Daily Business news for the Inland Empire.
Single-family home prices in the United States rose 3.6 percent in April compared with April 2019, the first of several increases expected to happen within the next year, according to data released Tuesday.
Overall, home prices are expected to increase 4.7 percent nationwide during that time, Irvine-based CoreLogic reported.
“The pickup in sales between March and April (one percent) has helped counter the recent slowing in annual home price growth,” said Frank Nothaft, CoreLogic’s chief economist, in the statement. “Mortgage rates are 0.6 percentage points below where they were one year ago, and incomes are up, which has increased affordability for buyers.”
Locally, home prices rose 3.3 percent year-over-year in Riverside and San Bernardino counties in April, not counting distressed properties. A distressed property is one that is in some state foreclosure.
