Home price growth in October skyrocketed +18% y/y to the highest growth rate in the 45-year history of CoreLogic’s Home Price Index (HPI).
Home Price Growth in the US Remained Strong in October 2021.
Home prices continued to surge at a record +18% y/y in October 2021 to the highest growth rate ever in the 45-year history of CoreLogic’s Home Price Index. This record-high home price growth happened despite the month-over-month home price growth rate slowing to +1.3% in October 2021. This m/m slow down, less than the m/m 2.3% peak in April, may indicate a gradual calming in the market in the coming months.
READ: 2022 Top Agent Success Secrets [Revealed]: New FREE Real Estate Coaching Web Event, Revealing 17 Surprising Secrets Of The Top 100 $ Millionaire Agents. Get Your FREE Spot For The 2022 Real Estate Coaching Webinar Now. After You Have Attended This Event You Will Have A Huge Feeling Of Relief Knowing You Will FINALLY Laugh At Your Money Worries – You Will Have Your Own Personalized 2022 Step-By-Step Business Plan. Learn Now How To Generate 100’s of Motivated Leads for FREE, Without Coming Off As A Pushy Salesperson and Losing Your Soul. You Will Soon Know How To Become One of the 1000s of Agents Making HUGE Money Who Never Thought They Could. YES, I Want To Attend The FREE Webinar! <——Click To Register
Detached home sales were stand-outs as detached properties set another record of home price appreciation at +19.5% y/y. Attached properties experienced home price appreciation of +12.9%, according to CoreLogic’s HPI.
Frank Martell, CoreLogic’s CEO and President, said, “New Household formation, investor purchases and pandemic-related factors driving demand for the limited supply of available for-sale homes continues to propel the upward spiral of US home prices. However,” said Martell, we expect home price growth to moderate over the near term as many buyers take a break for the holiday.”
Home Prices Accelerate at All Price Points
As work-from-home policies continued in October, home prices across all price points nationwide increased. Take a look:
- Low Price – +20.1%
- Low-to-Middle Price – +19.4%
- Middle-to-Moderate Price – +19.3%
- High Price – +18.5%
State-Level Results
While all states experienced annual price increases, according to CoreLogic’s HPI, the Mountain West states showed the strongest annual price appreciation rates.
Take a look at the states with the highest and lowest y/y changes in HPI for October 2021:
- Arizona – +28.9%
- Idaho – +28.7%
- Utah – +24.5%
- Florida – +24.4%
- Nevada – +24.2%
- National – +18.0%
- Louisiana – +9.7%
- New York – +8.4%
- Alaska – +8.4%
- North Dakota – +8.0%
- District of Columbia – +5.3%
Twin Falls ID saw the largest annual increase in home prices at a whopping +35.8%. Naples FL was also a star by posting annual home price gains at +33.5% in October.
HPI Forecast into 2022
CoreLogic’s HPI predicts that price growth will moderate/slow in the coming months. Price gains are projected to cool to an increase of +2.5% by October 2022 primarily due to affordability concerns.
Thanks to CoreLogic and Inman.
