Low inventory is pushing home prices up at the fastest pace in 45 years, according to the latest CoreLogic Home Price Insight report…(CoreLogic)
- Y-O-Y: Home prices nationwide increased 19.1% in January when compared to January 2021. This is the biggest jump in 45 years.
- M-O-M: Home prices nationwide were up 1.4% in January when compared to December.
Dr. Frank Nothaft, Chief Economist for CoreLogic, said low inventory and high demand is putting upward pressure on prices…
- “In December and January, for-sale inventory continued to be the lowest we have seen in a generation. Buyers have continued to bid prices up for the limited supply on the market. However, the rise in mortgage rates since January further eroded buyer affordability and is expected to slow price gains in coming months.”
Phoenix continues to lead all major metro areas with 30.2% year-over-year home price appreciation followed by Las Vegas (+25.2%) and (San Diego (+23.3%)
- On the flip side, Lake Havasu City, AZ is the area most likely to see price declines with over 70% probability followed by Prescott, AZ (50-75%) and Bridgeport-Stamford-Norwalk, CT (25-50%).
CRYSTAL BALL: CoreLogic HPI forecasts month-over-month gains of 0.2% in February 2022 and year-over-year gains of 3.8% in January 2023.
