IE Business Daily Business news for the Inland Empire.
Home prices, including distressed sales, were up 7.1 percent nationwide during March compared with March 2016, according to data released Tuesday.
Month-over-month, the increase wasn’t as substantial: 1.6 percent, Irvine-based CoreLogic reported in its monthly assessment of U.S. housing prices.
CoreLogic’s Home Prince Index is only 2.8 percent from its peak in 2006, and at the current rate of growth it should return to that level during the second half of this year.
Also, home prices in more than half the country have surpassed their former peaks, and nearly 20 percent of metropolitan areas are currently at their highest price levels ever, according to CoreLogic.
Several factors – job and population growth, household formation, good mortgage rates – have led to a rise in home prices throughout the United States, said Frank Martell, president and chief executive office of CoreLogic, in a statement.
In the Inland Empire, home prices – including distressed sales – were 5.8 in March year-over-year and were essentially unchanged month-over-month, according to CoreLogic.
