SAN BERNARDINO, CA—The Inland Empire’s economy is transitioning from a recovery to an expansionary cycle, and the region’s residential real estate market is responding, according to research and consulting firm Beacon Economics.

Median single-family home prices rose 16.5%, to $267,000, from the second quarter of 2013 to the second quarter of 2014. The Los Angeles firm had this to say about the trend in a recently released analysis that references Riverside and San Bernardino Counties:

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