IE Business Daily Business news for the Inland Empire.
Home prices continued to rise in March, the result of increased consumer confidence and more people returning to the job market.
The price of a single-family home rose 11.3 percent in March year-over-year, with millennials leading the way while splitting into two camps: those looking for a “move-up” home and those buying their first residence, according to CoreLogic in Irvine.
Home buying this spring is on pace to outperform the spring markets of 2018 and 2019.
“Despite the severe slowdown last year, the 2021 spring home buying season is trending strong — reflecting the many positive signs of economic recovery,” said Frank Martell, Core Logic’s president and chief executive officer, said in a statement. “With prospective buyers continuing to be motivated by historically low mortgage rates, we anticipate sustained demand in the summer and early fall.”
Nationwide, home prices are expected to rise 3.5 percent between March of this year and March 2022. A limited supply of houses – not enough are being built – coupled with intense demand will likely slow price growth, according to CoreLogic.
In the Inland Empire, home prices were up 15.3 percent in March compared with one year earlier, CoreLogic reported.
