Which home type appreciated more in 2021…new home prices or existing home prices?
Home Price Appreciation from 2011 to 2021
According to CoreLogic using its Case-Shiller Home Price Index (HPI) methodology, new home price appreciation over this last decade increased +127.9%.
Existing home (resale) price appreciation increased +93.2% over this last decade.
Year-Over-Year Home Price Appreciation
The CoreLogic Case-Shiller HPI analysis indicated that resale or existing home prices increased +19.8% y/y.
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New home prices increased +16.6% y/y.
(Remember that the baselines for determining resale/existing home prices and new home prices are, in CoreLogic’s terms, “very different.” There was a “stall” in new home prices during April and May 2020 and then again in August 2021. Both the new home sales index and repeat sales indexes since returned to their similar values, according to CoreLogic.)
2-Year Price Appreciation Comparison of New & Existing Homes
New home prices increased +24.9% over a two-year appreciation data point. Existing home prices increased +26.8% over a two-year appreciation period.
Remember that existing home sales are the bulk of home sales in the overall housing market. So…when someone asks how the housing market is “doing,” they’re really asking whether of not home prices are going up or going down. Agents typically respond by using existing home price appreciation percentages.
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Thanks to CoreLogic.