If you though record home price growth was over you thought wrong, according to the latest data from the CoreLogic Home Price Index…(CoreLogic)
- Y-O-Y: National home prices increased 18.1% year over year in November 2021. This ties the highest level on record that was also reported in August 2021.
- M-O-M: Home prices increased by 1.3% in November 2021 when compared to October 2021.
Frank Martell, President and CEO of CoreLogic, said he expects things to cool, but price growth will remain positive…
- “Over the past year, we have seen one of the most robust seller’s markets in a generation. While increased interest rates may help cool down homebuying activity, we expect 2022 to be another strong year with continuing upward price growth.”
However, CoreLogic’s crystal ball doesn’t believe this growth is going to last…
- Y-O-Y: The Corelogic HPI forecasts year-over-year growth of 2.8% in December 2022.
- M-O-M: The forecast is for 0% month-over-month growth in December.
FYI: Arizona saw the biggest jump in prices with 28.6% year-over-year growth followed by Florida (+25.8%), and Idaho (+25.5%).
- The Phoenix metro area year-over-year growth was over 30% (30.5% to be exact) followed by Las Vegas (+24.1%), and San Diego (+21.8%).