Key Highlights
- February 2021 – home prices increased y/y +10.4% nationwide, according to CoreLogic
- Forecast to February 2022 indicates price increase y/y of +3.2%
Home Prices Nationwide Increased +10.4% in February
February 2021 saw home prices jump +10.4% y/y, according to CoreLogic’s latest monthly Home Price Index (HPI). On a month-to-month basis, home prices increased +1.2%.
Nationwide Price Forecast to February 2022
CoreLogic’s HPI indicates that home prices across the country will increase on a y/y basis by +3.2 through February 2022. On a m/m basis, home prices nationwide are forecast to increase +0.6%.
Pandemic Impact on Home Prices
Continuing the surge in home prices due to historically low inventory, the COVID pandemic pushed February’s price increases to the highest level of annual gain since 2006
CoreLogic also notes that 21% of homebuyers in the nation’s top 10 metros chose to relocate away from densely populated, high-cost areas to more affordable suburbs, towns and rural locales. Affordability and more space preferences were the two primary factors motivating these out-migrations.
State and Metro Price Changes
With home prices increasing +10.4% nationally in February, states with the highest y/y home price increases were Idaho (+22.6%), Montana (+19.5%) and South Dakota (+17.1%). No state had an annual decline in home prices
Metros with the highest home price increases in February 2021 included:
- Phoenix – +16.2%
- San Diego – +12.3%
- Denver – +10.0%
- Washington DC – +9.6%
- Las Vegas – +8.5%
- Los Angeles – +8.2%
- Miami – +7.0%
- Boston – +7.0%
- Houston – +6.3%
- Chicago – +6.3%
Top Markets at Moderate Risk of Home Price Decline
- Brownsville-Harlingen TX
- Beaumont-Port Arthur TX
- Lake Charles – LA
- New Haven-Milford CT
- Miami – Miami Beach-Kendall FL
Thanks to CoreLogic.
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