So much for the cooling housing market. Home prices actually grew in December, according to the CoreLogic Home Price Index…(CoreLogic)
- Y-O-Y: Home prices nationwide increase 18.5% year-over-year in December 2021.
- M-O-M: Home prices nationwide increased 1.3% month-over-month.
Phoenix continues to hold the top spot with 30.2% year-over-year price growth in December 2021…
- Las Vegas came in at number two at 24.4% followed by San Diego (+22.4%), Miami (+18.8%), and Denver (+18.6%).
Dr. Frank Nothaft, Chief Economist for CoreLogic, says despite this continued climb, new pressures should slow housing in 2022…
- “Much of what we’ve seen in the run-up of home prices over the last year has been the result of a perfect storm of supply and demand pressures. As we move further into 2022, economic factors – such as new home building and a rise in mortgage rates – are in motion to help relieve some of this pressure and steadily temper the rapid home price acceleration seen in 2021.”
Looking forward, CoreLogic projects 0.0% month-over-month growth and just 3.5% year-over-year growth in December 2022.