CoreLogic’s monthly Home Price Insights indicate that home prices nationwide jumped +18% in September.
September 2021 National Home Prices
Home prices nationwide, including distressed sales, saw an uptick of +18% in September 2021 compared with September 2020. On a month-to-month basis, home prices increased +1.1% in September 2021 compared with August 2021.
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National Price Forecast
Frank Martell, president and CEO with CoreLogic, said, “The pandemic led prospective buyers to seek detached homes in communities with lower population density, such as suburbs and exurbs. As we head into 2022, we expect some moderation in the current pattern of flight away from urban cores as the pandemic wanes.”
CoreLogic forecasts that rather than the +1.1% m/m and +18.0% y/y increases in September 2021, we will see +0.1% m/m and +1.9% y/y price increases in September 2022.
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Economic Impact on Home Prices
While demand from homebuying consumers remained strong through the end of the summer, the ongoing housing supply shortage has continued to push prices upward to record highs. Such record high prices have created additional challenges for first-time buyers entering the housing market.
Dr. Frank Nothaft, chief economist with CoreLogic, said, “Remote work has allowed many employees to buy homes further away from their offices. These homes are often in the suburbs or exurb, where property prices and population density are lower and single-family detached housing more common.”
Price Changes in Top 10 Metros
In another post this week, “Home Price Increases…” we listed the states with the highest and lowest growth in home price growth. Please review that post to get information about price growth rates for states.
Here are the price growth changes for our country’s largest metros as of September 2021:
- Phoenix – +31.0% y/y
- Las Vegas – +23.1% y/y
- San Diego – +22.6% y/y
- Denver – +19.1% y/y
- Houston – +14.9%
- Los Angeles- +14.5% y/y
- Miami -+12.6%
- Washington DC – +12.1%
- Boston – +11.3%
- Chicago – +10.0%
With Millennials representing the bulk of homebuying demand, tech hubs such as Seattle, San Jose and Austin are exacerbating this affordability tension. CoreLogic’s recent consumer survey reflects this tension…47.9% of survey respondents said they could not afford to purchase a home in their preferred area.
Thanks to CoreLogic.
