IE Business Daily Business news for the Inland Empire.
U.S. home prices, including distressed sales, were up 6.9 percent in April year-over-year, according to data released Tuesday.
Home prices – which include single-family attached and detached properties – were up 1.6 percent in April compared with March, Irvine-based CoreLogic reported.
One reason for the increase was a drop in interest rates, which in April fell to their lowest level since last November, said Frank Nothaft, CoreLogic’s chief economist.
Some metropolitan areas have seen multiple contracts placed on residential properties, which caused home prices to increase, Nothaft said in a statement.
U.S home prices are expected to increase 5.1 percent between April of this year and April 2018.
In the Inland Empire, home prices were up 6.2 percent in April year-over-year, but rose only 0.8 percent compared with March, according to CoreLogic.
The data, which reflects the state of the market about five weeks ago, is considered an indication of where home prices are headed. It’s based mostly on public records on real estate data bases.
