IE Business Daily Business news for the Inland Empire.
National home prices rose 6.1 percent in October year-over-year
That figure, which included distressed sales, marked the 32nd consecutive month that home prices have risen compared with the same month the previous year, according to Irvine-based CoreLogic.
Compared with September, home prices nationwide dropped 0.5 percent in October, CoreLogic stated in its monthly report on U.S. home prices, which it released Tuesday.
All 50 states recorded in an increase in sale prices during October compared with exactly one year earlier, and 27 states and the District of Columbia were at or within 10 percent of their peak home price, the report stated.
Home prices in the Inland Empire rose 8.3 percent in October compared with October 2013, the fourth-largest increase among major metropolitan areas in the United States.
Los Angeles-Long Beach -Glendale barely edged out the Inland region with an 8.4 percent.
“Home-price growth is moderating as we head into the late fall and is currently running at half the pace it was in the spring of 2014,” said Sam Khater, deputy chief economist with CoreLogic, a global provider of consumer, financial and property information. “However, there are still pockets of strength … and markets with strong economic fundamentals.”
The gradual recovery of the U.S. housing market is being fueled by higher employment, more confidence among buyers and sellers, lower interest rates and, in some parts of the country, demand among investors, according to the report.
