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.
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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%
Bottom Line
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.
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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.
