IE Business Daily Business news for the Inland Empire.
U.S. home prices continued to rise in January, as high prices and not enough houses for sale continued to plague the market.
Prices rose 4.6 percent during the first month of the year compared with January 2014, according to the report, which cited the Standard & Poor’s /Case-Schiller 20-city home price index.
Few homeowners are listing their homes for sale, and that tightened inventory has caused prices to rise. Even lower mortgage rates and higher employment have not reversed that trend, the report stated.
The index covers about half of the single-family homes in the United States. There were enough pending housing sales in February to indicate that market will rebound, the report stated.
