IE Business Daily Business news for the Inland Empire.
The price of a single-family home in the United States continues to get more expensive.
Home prices, including distressed properties, rose 6.9 percent year-over-year in July, Irvine-based CoreLogic reported.
Prices were up 1.7 percent compared with June, according to the July 2015 CoreLogic Home Index, which was released Tuesday.
Not counting distressed properties – meaning houses sold at a loss, usually so the owner can raise cash quickly – home prices were up 6.7 percent year-over-over and 1.5 percent month-over-month in July.
During the next 12 months, housing prices, including distressed properties, are expected to go up 4.7 percent across the country, CoreLogic is predicting.
“Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late,” said Anand Nallathambi, president and chief executive officer of CoreLogic, in a statement. “Adding to overall housing demand is the benefit of a better labor market, which has provided millennials the financial independence to form new households and
escape ever-rising rental costs.”
The Inland Empire saw its home prices rises 4.9 percent in July including distressed sites, and 4.6 percent not counting distressed properties. That ranked the Inland region eighth among the 10 largest U.S. metropolitan markets with the fastest-growing home prices, CoreLogic reported.
