IE Business Daily Business news for the Inland Empire.
U.S. home prices rose 20.9 percent in March, the 14th consecutive month of double-digit price gains for the country’s housing market.
However, that number is expected to slow to around six percent next month, the result of rising mortgage rates and higher home prices, both of which will put buying a home out of reach for some, Irvine-based CoreLogic reported.
Also, by late April, mortgage rates had crept up to more than five percent, about a 30 percent increase year-over-year and high enough to block more buyers.
“The annual growth in the U.S. index was the largest we have measured in the 45-year history of the CoreLogic home price index,” said Frank Nothaft, CoreLogic’s chief economist, in the statement. “Couple that price increase with the rapid rise in mortgage rates and buyer affordability has fallen sharply.”
Nationwide, home prices rose 3.3 percent between February and March.
In the Inland Empire, home prices rose 24.8 percent in March compared with March 2021 and were up 2.3 percent between February and March, according to the index.
