IE Business Daily Business news for the Inland Empire.
Single-family home sales, including distressed sales, were up six percent in the Inland Empire in May compared with exactly one year earlier, according to data released Tuesday.
That figure was virtually identical to the national figure – a 5.9 percent increase in sales year-over-year – recorded during May, Irvine-base CoreLogic reported in its monthly analysis of home prices.
In California, home prices rose 6.3 percent during May compared with May 2015, according to CoreLogic.
The housing market has become one of the country’s most stable economic sectors: nationwide, year-over-year prices have increased between five and six percent for 22 consecutive months, said Dr. Frank Nothaft, CoreLogic’s chief economist.
“The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory,” Nothaft said in a statement.
Home prices throughout the United States will increase 5.3 percent between May of this year and May 2017, CoreLogic is predicting.
