The CoreLogic Home Price Insights report finds that home prices continued their double-digit year-over-year appreciation in February. (CL)
- Y-O-Y: Home prices nationwide jumped 10.4% in February 2021 compared with February 2020.
- M-O-M: Home prices nationwide increased 1.2% in February 2021 compared with last month
Frank Marshal, President & CEO of CoreLogic, says that we are experiencing the most competitive since the great recession. Unfortunately, rising mortgage rates and price is impacting affordability, “As affordability challenges persist, we may see more potential homebuyers priced out of the market and a possible slowing of price growth on the horizon.”
Looking forward, Corelogic does predict a slowdown from the current rate of appreciation.
- M-O-M: They forecast home prices will increase 0.6% in March 2021
- Y-O-Y: They forecast an increase of 3.2% in February 2022 compared to February 2021.
This growth rate has to have ceiling and CoreLogic is predicting we are close to it. However, it should be noted they are not predicting a retraction, just a slower growth rate.
SIDE NOTE: Not one state posted an annual decline in home prices