Home prices saw a record increase in July, according to the latest CoreLogic Home Price Insight report…(CoreLogic)
- Y-O-Y: Home prices nationwide increased year over year by 18% in July 2021 compared with July 2020.
- M-O-M: Home prices nationwide increases month over month by 1.8% in July 2021 compared with June 2021.
Dr. Frank Nothaft, Chief Economist for CoreLogic, said this was the biggest month CoreLogic has ever seen…
- “July’s annual home price growth was the most that we have ever seen in the 45-year history of the CoreLogic Home Price Index. This price gain has far exceeded income growth and eroded affordability. In the coming months this will temper demand and lead to a slowing in price growth.”
Looking forward, CoreLogic isn’t predicting a decline in home prices but they are forecasting a slowdown…
- Y-O-Y: The CoreLogic HPI Forecast projects that home prices will increase 2.7% on a year-over-year basis in July 2022.
- M-O-M: The CoreLogic HPI Forecast projects that home prices will increase 0.7% on a month-over-month basis in August 2021.
NOTE: The CoreLogic Market Risk Indicator predicts that metros such Springfield, Massachusetts; Chico, California; Merced, California; Norwich-New London, Connecticut; and Beaumont-Port Arthur, Texas are at the greatest risk of a decline in home prices over the next 12 months.