Key Highlights
- Home prices throughout country increased +7.3% y/y, according to CoreLogic
- Home price increases projected to slow to +1.9% from October 2020 to October 2021
According to CoreLogic’s latest Home Price Index (HPI®) Report, national home prices accelerated +7.3% y/y in October 2020. This +7.3% increase overshadowed the +3.5% y/y in October 2019. This October 2020 gain was also the highest year-over-year gain since October 2014.
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Such a year-over-year price gain during a recession is considered to be atypical during an economic downturn. Among the last six recessions, the only comparable y/y price gain in sold homes happened during the recession of April 2001 – November 2001, according to both CoreLogic and the Bureau of Labor Statistics.
CoreLogic forecasts that home price acceleration will slow to +1.9% by October 2021. That would translate into being the lowest increase in annual home prices since March 2012.
Take a look at the increases in home price at the four price tiers CoreLogic analyzed in October 2020:
- Lowest price tier – +10.9% y/y
- Low to middle price tier – +9% y/y
- Middle to moderate price tier – +8.5% y/y
- High price tier – +7.4% y/y
States with the highest annual home price increases in October 2020 included Maine, Idaho and Arizona with +12%; Utah with +10.4%; and New Hampshire with +10%.
States with the lowest year-over-year changes in home price increases included Louisiana with +5%; Hawaii and Iowa with +4.2%, North Dakota with +3.8%; and New York with +2.7%.
Thanks to CoreLogic and Bureau of Labor Statistics.
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