Despite metrics showing a cooling housing market August saw continued growth in home prices, according to the CoreLogic Home Price Insights…(CoreLogic)
- Y-O-Y: Home prices increased by 18.1% in August 2021 marking the largest annual gain in home prices in the 45-year history of the CoreLogic Home Price Index.
- M-O-M: Nationwide, home prices increased by 1.3% compared to July 2021.
LOOKING TO THE FUTURE: The CoreLogic HPI Forecast month-over-month prediction hasn’t been right in over a year but might as well look at it anyway. They predict a month-over-month increase of 0.3% in September 2021, and a 2.2% year-over-year gain in August 2022.
Dr. Frank Nothaft, Chief Economist for CoreLogic, said home prices will continue to rise as inventory levels remain low…
- “Home prices continue to escalate at a torrid pace as a broad spectrum of buyers drive demand for a limited supply of homes. We expect to see the trend of strong price gains continue indefinitely with large amounts of capital chasing too few assets.”
BEST IN THE WEST: The West region was the clear winner in August with all top five states coming straight out of the West. Idaho lead the way with 32.2% year-over-year appreciation with Arizona coming in at number two with 29.5% growth. Utah was number three 26.2% followed by Montana (+24.4%), and Nevada (+22.7%)