CoreLogic’s Home Price Index (HPI) in June 2021 gained +4.5% y/y. This 4.5% HPI gain was the highest year-over-year gain since 1979.
Home Price Index (HPI) Highlights for June 2021
National home prices increased +17.2% y/y in June 2021. In terms of detached properties, home price appreciation was the highest ever in the history of the CoreLogic S&P Case Shiller Home Price Index (HPI).
Overall HPI Growth
National home prices jumped +4.5% from June 2020 to June 2021, the highest year-over-year gain since 1979. This jump was fueled by low mortgage rates, low for-sale inventory levels and a rebounding economy.
CoreLogic predicts that home price gains could slow over the next 12 months due to projected increases in for-sale supply and moderation in demand as home prices become more and more out of reach for some buyers.
HPI Growth by Price and Property Type Tiers
All four of the individual home price tiers (relative to the median national home sale price) experienced home price growth acceleration at the highest rates since the CoreLogic HPI was created in 1976.
Check out the breakdown:
- Lowest price tier increased +21.4% y/y
- Low-to-middle price tier – +19.5%
- Middle-to moderate price tier – +19.4%
- Highest price tier – +19%
Clearly, for-sale supply is restricted at all price points.
Detached properties saw price appreciation of +19.1%, nearly double that of attached properties at +10.7%. (Clearly, buyers continue to seek out more space.) Price appreciation for detached properties was the highest ever in the history of CoreLogic’s HPI.
States with Highest & Lowest Levels of Price Appreciation
All states experienced annual increases in HPI during June but price appreciation in the West was strongest.
Take a look:
- Idaho – +34.2% y/y
- Arizona – 26.1% y/y
- Montana – 24.3% y/y
- Utah – +23.4% y/y
- Washington – 21.6% y/y
- Vermont – +21.2% y/y
- Rhode Island – +20.1% y/y
- Nevada – +19.9% y/y
- Oregon – +19.7% y/y
- Connecticut – +19.6% y/y
- National – +17.2% y/y
- Alaska – +10.1%
- Mississippi – +9.9%
- District of Columbia – 7.6%
- North Dakota – +6%
- New York – 5.6%
Metros with the Largest Gains
- Phoenix – +26.9%
- San Diego – +22.4%
- Denver – +18.4%
- Las Vegas – +18.3%
- Los Angeles – +13.8%
- Washington DC – +13.8%
- Boston -+11.6%
- Miami – +10.9%
- Houston – +9.7%
- Chicago – +7.8%
Thanks to CoreLogic.
