National home prices jumped +18.1% in November.
Overall Home Price Growth in November 2021
According to the most recent CoreLogic Home Price Index (HPI) Report, national home prices in the US soared another +18.1% y/y in November 2021. This November HPI gain increased the November 2020 gain of +8.1% to result in the highest 12-month growth in the HPI since CoreLogic began this data series in 1976.
According to CoreLogic, this home price increase was spurred by low mortgage rates, low for-sale supply, and increased homebuying activity from investors.
Due to this higher than ever HPI growth, CoreLogic projects that, despite some increases in the for-sale supply, housing demand will “moderate” as prices increasingly become beyond reach for some buyers. If/when demand cools, home price gains could also cool over the next 12 months.
Reminder it’s the New Year. You promised yourself you would become a HARRIS Coaching client. You are done wasting time and want to follow a proven path in 2022. Now, while you are here make the next natural step and join the 1000s of other agents as a HARRIS Real Estate University coaching member. No more waiting or procrastinating. Join now. Here is the quick and simple enrollment.—-> YES, Enroll Me Now In Premier Coaching. I WiLL make 2022 my best year ever!
Home Prices Grew at All Price & Property Type Tiers in November
Home prices remained high at all price points analyzed by CoreLogic
- Lowest price tier – +19.8% y/y
- Low-to-middle price tier – +19% y/y
- Middle-to-moderate price tier – +19.1% y/y
- High price tier – +18.6%
Freestanding or detached properties appreciated +19.4% y/y in November. Attached properties appreciated +13.6% y/y.
Highest & Lowest Home Price Growth by State
The jump in home price growth in November 2021 was experienced nationwide while price appreciation was the strongest in the Mountain West. States with the highest and lowest year-over-year HPI change included:
- Arizona – +28.6% y/y
- Florida – +25.8% y/y
- Idaho – +25.5% y/y
- Nevada – +24.1% y/y
- Tennessee – +24.0% y/y
- National – +18.1%
- Illinois – +9.2% y/y
- North Dakota – +7.6% y/y
- New York – +7.6%
- Alaska – +7.5%
- District of Columbia – +4.3% y/y
HPI Top 10 Metros in November 2021
- Phoenix – +30.5% y/y
- Las Vegas – +24.1% y/y
- San Diego – 21.8% y/y
- Denver – +18.4% y/y
- Miami – +16.6%
- Houston – +14/8%
- Los Angeles – +14.22%
- Washington DC – +10.6% y/y
- Boston – +9.2%
- Chicago – +8.5%
2021 was a record-breaking year for the US housing market. Frank Martell, President and CEO of CoreLogic, said, “Over the past year, we have seen one of the most robust seller’s markets in a generation.” Home price growth was the highest ever recorded in the 45-year history of CoreLogic’s HPI.
Please choose one answer:
1) I am ready to join EXP Realty.
2) I am interested in EXP Realty and need more info.
3) I am not interested in EXP Realty.
* If you answered “#1” congratulations. You are about to join the fastest-growing real estate company in the world. Tim and Julie Harris are inviting you to join them at EXP Realty. Text Tim directly for the next steps: 512-758-0206. (text only please)
* If you answered “#2” please watch the videos and check out the other intel on this site. http://whylibertas.com/harris .
* If you answered ‘#3’ no worries. You will want to check out whylibertas.com/harris so you can at least know what EXP Realty is and why so many agents are moving to EXP.
Current homeowners reaped the gains of 2021 home price gains by accruing record levels of home equity. On the other hand, wanna-be homeowners faced affordability challenges.
CoreLogic anticipates home price growth to continue at historically high levels while it also anticipates home price growth to slow over 2022. CoreLogic also projects that economic growth and inflation may likely lead to mortgage rate increases further adding to affordability challenges.
Thanks to CoreLogic.