IE Business Daily Business news for the Inland Empire.
Housing prices in Riverside and San Bernardino counties rose 7.4 percent during the past year, according to data released Tuesday.
Los Angeles County experienced a 7.6 percent housing appreciation between July 2016 and July of this year, while Orange County recorded a 5.9 appreciation rate during that time, Core Logic in Irvine reported.
Nationally, home prices were up 6.2 percent year over year in July. Prices are expected to rise 5.1 percent between July of this year and July 2019.
“With increased interest rates and home prices, the CoreLogic Home Price Index is rising at a slower rate than it was earlier this year,” said Dr. Frank Nothaft, chief economist for CoreLogic, in the statement. “While markets in the western part of the country continue to experience rapid home-price growth, many of those metros are overvalued, and will likely experience a slowdown soon.”
