Home Price Gains in March at 15-Year High

Key Highlights

• Home prices nationwide up +11.3% y/y in March
• Idaho saw home price gain of +25% y/y

National Home Prices Increased +11.3% y/y in March

According to the latest CoreLogic Home Price Index (HPI) Report, home prices in this country increased +11.3% y/y in March.  This 2021 home price gain was the highest year-over-year gain since March 2006.

Home Price Growth by Market Tier

All four-price tiers (based on median sale price within each market tier) saw the highest acceleration rates since 2005 for the lowest tier and 2006 for the remaining three. Take a look:

• Lowest price tier – +15.1% y/y in March
• Low-to-middle price tier -+13.1% y/y
• Middle-to-moderate price tier – +13% y/y
• High-price tier – +12.2

State Results – Both Highs & Lows

All states experienced annual HPI growth in March 2021. Idaho was the leader in home price growth year-over-year as both population and strong employment growth factored into this state’s increased home prices.

Take a look at the states with the highest y/y change in HPI for March 2021:

• Idaho – +25%
• Montana – +20%
• Arizona – +18.5%
• Utah – +17%
• Indiana – +17%

Montana and Connecticut had the biggest turnaround increase in home price growth from March 2020 to March 2021.  Connecticut’s home prices increased just +0.8% in 2020 but then exploded to an increase of +15.2% in March 2021.

Here’s a look at the states with the lowest y/y change in HPI in2021:

• Illinois – 7.5%
• Mississippi – +7%
• New York – +6%
• North Dakota – +5%
• District of Columbia – +4.1%

CoreLogic Predictions into 2022

March’s home price gains reached the highest levels in 15 years. Supply shortages of for-sale homes across market tiers clearly spurred those price increases.

CoreLogic anticipates much of the same for the remainder of 2021 although upticks in both new home construction and for-sale listings are expected to increase.  If these upticks actually happen and inventory actually opens up, price gains may begin to cool off a bit during the second half of 2021.

CoreLogic is anticipating that those upticks will happen and as a result, expects home prices to calm down to a moderate increase of approximately +3% into 2022.

Thanks to CoreLogic.

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