If you live in or have any connection to the Inland Empire area of Southern California then you are probably aware that the housing market is doing well. For those who have more of an interest in how well the housing market in this area is doing the news is even better. Ever since the so called recovery began a few years ago the Inland Empire has experienced a good come back when compared to other areas of the state.
Single-family home prices in the Inland Empire, including distressed sales, rose 6.6 percent in February year-over-year, according to data released in early April. According to a report by those who have an eye on these kinds of developments the trend was virtually the same as the nationwide increase – 6.8 percent – during the same time periods. Those numbers are especially good for the Inland Empire when combined with the growth in commercial interest as well as the acquisition of the Ontario International Airport.
In addition the same report noted that fixed mortgage rates dropped more than one-quarter of a percentage point and that the economy added an average of 209,000 jobs per month during that time. Based on the positive data some are predicting that home prices will increase 5.2 percent between February 2016 and February 2017, a welcome relief to those who have managed to hang on during all the hard times.
The good news was generally shared throughout the country as home prices continue to rise across the U.S., with every state posting year-over-year gains during the last 12 months.Improved economic conditions and tight inventories will continue to drive exceptionally strong gains in many markets, especially for homes priced in the lower price ranges.
All in all the future continues to look good for an area of the state the had been floundering in previous years. For those who make their lives in the region this looks to be a better year.