IE Business Daily Business news for the Inland Empire.
The average price of a single-family home rose 5.3 percent nationwide in March, the 46th consecutive month of year-over-year growth, according to data released this week.
Prices are expected to rise between 3.7 percent and 5.6 percent during the next 12 months, Irvine-based CoreLogic reported in its Home Price Index and HPI Forecast for the third month of the year.
The northeast continued to post the highest price gains, and two major metropolitan areas in California – Anaheim and San Jose – were among the fastest-appreciating housing during the first three months of 2024.
“Home prices increased again this March beyond the typical seasonal uptick, despite mortgage rates reaching this year’s high and the affordability crunch continuing to keep many prospective buyers on the sidelines,” said Selma Hepp, chief economist for CoreLogic, in a statement. “The surging cost of homeownership, fueled by rising insurance and tax expenses, is holding potential home sales back.”
