Double-digit home price appreciation continued in March 2021, according to the latest CoreLogic Home Price Insights report (CL)
- Y-O-Y: Home prices nationwide increased year over year by 11.3% in March 2021.
- M-O-M: Prices increased month over month by 2% in March 2021.
One of the biggest concerns among policymakers is the unequal distribution of real estate gains among income levels. Some good news on that front as those owning property in the lowest price tier saw the biggest gains in March 2021.
- The lowest price tier jumped 15.1% followed by the middle tier that averaged 13.1% growth and the high-price tier was up 12.2% for the year.
NO CRASH CONCERNS BUT SLOWING PROJECTED
Frank Martell, President and CEO of CoreLogic, said in a statement, “Despite the severe slowdown last year, the 2021 spring homebuying season is trending strong — reflecting the many positive signs of economic recovery” Not surprisingly, the report does project a slowing of growth with a forecast of month-over-month gains of 1.1% and a year-over-year increase of 3.5%.