IE Business Daily Business news for the Inland Empire.
Home prices nationwide increased 15 percent in 2021, the result of high demand and not enough houses available for sale, according to data released Tuesday.
That was a nine percent increase from 2020, as home prices grew 10 percent in first quarter and reached 18 percent growth in the fourth quarter, Irvine-based CoreLogic reported.
By next December, U.S. home price growth are expected to have slowed to 3.5 percent.
“Much of what we’ve seen in the run-up of home prices over the last year has been the result of a perfect storm of supply and demand pressures,” said Frank Nothaft, chief economist at CoreLogic, in a statement. “As we move further into 2022, economic factors – such as new home building and a rise in mortgage rates – are in motion to help relieve some of this pressure and steadily temper the rapid home price acceleration seen in 2021.”
Inland Empire home prices rose 24.2 percent last year, according to CoreLogic.
