US home prices soared another +18.1% in August.
US Home Prices Vaulted to 45-Year High in August
US home prices surged +18.1% y/y in August, according to the latest monthly CoreLogic Home Price Index recently released. This +18.1% y/y increase is the largest annual rate of home price acceleration since CoreLogic began keeping tabs on this data in January 1976. Additionally, this increase of +18.1% is the seventh consecutive month of double-digit home price growth in this country.
The month-to-month home price increase between July and August came in at 1.3%.
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Overall Growth
CoreLogic’s latest monthly Home Price Index report indicated that the August 2021 HPI gain of +18.1% paled the August 2020 gain of 5.9%. To repeat, this +18.1% y/y price acceleration was the highest 12-month home price gain since 1976. CoreLogic credits August’s HPI gains to low inventory, low mortgage rates and an influx of investors into for-sale activity.
States with Highest and Lowest Home Price Increases:
- Idaho – +32.2%
- Arizona – +29.5%
- Utah – +26.1%
- Montana – +24.4%
- Nevada – +22.7%
- Tennessee – +22.7%
- Washington -+21.5%
- Florida – +21.5%
- Rhode Island – +21.5%
- Indiana – +20.5%
- National – +18.1%
- Louisiana – +10.3%
- Alaska – +10.3%
- New York – +9.4%
- North Dakota – +7.3%
HPI Changes in Top 10 Metros
- Phoenix – +30.9% y/y
- San Diego – +23.2% y/y
- Las Vegas – +22.2% y/y
- Denver – +19.5% y/y
- Los Angeles – +14.9% y/y
- Houston – +13.6% y/y
- Washington DC – +13.1% y/y
- Miami – +11/8% y/y
- Boston +11.8% y/y
- Chicago – +9.9% y/y
Projections Over Next 12 Months
Such home price gains are projected to slow substantially over the next 12 months.
Overall, CoreLogic is predicting that month-over-month gains are to drop to 0.3% and year-over-year home price gains are to drop to 2.2% over the next 12 months.
CoreLogic’s Market Risk Indicator (MRI) predicts that metros such as Springfield MA, Chico CA and Merced CA are at high risk (50-70%) to see a decline in home prices over the next 12 months. Metros such as Norwich-New London CT and Worcester MA are at moderate risk (25-50%) of seeing a decline in home prices.
Thanks to CoreLogic.
