IE Business Daily Business news for the Inland Empire.
U.S. home prices rose 0.3 percent between April and May, seasonally adjusted, the highest increase since January, according to a report.
Year-over-year that number was 2.5 percent, the fastest growth in that category – which covers March, April, and May – in six months, Seattle-based Redfin reported.
“Buyers got a boost from lower mortgage rates in the spring, and that momentum is showing up in prices,” said Sheharyar Bokhari a senior economist at Redfin, in a statement. “Even though there are many more home sellers than buyers in the market, the most desirable homes are still attracting multiple offers, driving up prices.
Home prices rose in 29 major U.S. metros month over month, seasonally adjusted. Nineteen markets recorded a drop in housing prices during that time, with the largest – minus 1.9 percent, happening in Riverside, Redfin reported.
