Western states were the drivers for this year-to-year record price increase during September.
Overall Home Price Growth
The latest monthly CoreLogic Home Price Index (HPI) report indicated that national home prices jumped +18% y/y during September. This September 2021 HPI gain represented a +6.6% increase from September 2020 and was the highest 12-month growth since CoreLogic began this HPI series in 1976.
CoreLogic attributes this record annual HPI gain to low mortgage rates, low for-sale inventories and an influx of institutional investors into the residential for-sale sector. The company expects price growth gains to moderate over the next 12 months if projected increases in for-sale supply and cooling demand due to affordability issues come to fruition.
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Growth by Price Tiers and Property Types
By analyzing all four price tiers (lowest, low-to-middle. middle-to-moderate and high), CoreLogic found that home price growth accelerated across all price tiers and also remained at or near record highs across all price tiers in September. Take a look at the price growth increases in each price tier:
- Low – +20.6% y/y
- Low-to-middle – +19.5% y/y
- Middle-to-moderate – +19.4 y/y
- High – +18.6% y/y
You’ll note that the difference in HPI growth rates between the lowest and highest price tiers continues to narrow. In September 2021, the HPI growth rates among the two was the smallest in 10 years, according to CoreLogic.
In terms of property types, detached or freestanding properties saw HPI growth climb +19.6% while attached properties (condominiums, townhouses, etc.) saw HPI growth increase +12.2% in September 2021. This price growth discrepancy between detached and attached property types is consistent throughout the history of this HPI series.
State HPIs
While all states showed annual increases in HPI during September 2021, states in the West had the strongest HPI results.
Take a look at the states with the highest and lowest year-over-year changes in HPI during September 2021:
Highest
- Idaho – +30.1% y/y
- Arizona – +29.6% y/y
- Utah – +26.2% y/y
- Nevada – +21.4% y/y
- Tennessee – +23.2% y/y
Lowest
- +Louisiana – +10.0%y/y
- New York – +9.4% y/y
- Alaska – +9.3% y/y
- North Dakota – +8.2% y/y
- District of Columbia – +5.1% y/y
Thanks to CoreLogic.
