IE Business Daily Business news for the Inland Empire.
U.S. home prices climbed steadily in May, bolstered by an increase in sales throughout the country.
Prices rose nearly five percent year-over-year during May, according to the Standard & Poor’s/Case-Shiller 20-city home price index, which was released Tuesday by S&P Dow Jones Indices.
The data called first-time homebuyers “the weak spot” in the U.S. housing market.
“First-time buyers provide the demand and liquidity that supports trading up by current home owners,” the report stated. “Without a boost in first-timers, there is less housing market activity, fewer existing homes being put on the market and more worry about inventory.”
