IE Business Daily Business news for the Inland Empire.
U.S. home prices grew 4.4 percent in February, the 133rd consecutive month that housing prices grew year-over-year.
However, that was the slowest rate of 12-month growth since before the pandemic, with most of the slowdown happening in California and other western states, Irvine-base CoreLogic reported today
The February data included distressed properties, meaning houses in some state of foreclosure.
Price gains have mostly held steady on the east coast as more people return and the number of people interested in buying a home grows, but tech-industry layoffs have probably affected home prices on the west coast.
“The divergence in home-price changes across the U.S. reflects a tale of two housing markets,” said Selma Hepp, CoreLogic’s chief economist, in a statement. “Declines in the West are due to the tech industry slowdown and a severe lack of affordability after decades of undersupply.
“But the consistent gains in the south and southeast reflect strong job markets, in-migration patterns, and relative affordability due to new home construction.”
In the Inland Empire, single-family home prices – distressed properties included- were up 1.6 percent in February compared with February 2022, CoreLogic reported.
