Nationwide, home prices increased +18.5% y/y in December 2021. Month-over-month, home prices rose +1.3% in December compared to November 2021, according to CoreLogic.
Home Prices Jumped +18.5% in December 2021
According to the latest CoreLogic Home Price Index (HPI) Report, home prices across the country increased +18.5% y/y in December 2021.
Home price appreciation averaged 15% for the totality of 2021, up from 2020’s average of 6%.
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National Home Price Indicators into 2022
The CoreLogic Home Price Indicator (HPI) Forecast indicates that home prices will increase by +3.5% y/y from December 2021 to December 2022 due to consistent consumer demand for homeownership and persistent low supply of for-sale homes.
Dr. Frank Nothaft, chief economist with CoreLogic, said, “Much of what we’ve seen in the run-tup of home prices over the last year has been the result of a perfect storm of supply and demand pressures. As we move further into 2022, economic forecasts – such as new home building and a rise in mortgage rates – are in motion to help relieve some of this pressure and steadily temper the rapid home price acceleration seen in 2021.”
All 50 states posted home price increases in December 2021. States with the highest price increases y/y were Arizona at +28.4%, Florida at +27.1% and Utah at +25.2%
Top 10 Metro HPIs
Phoenix – +30.2%
Las Vegas – +24.4%
San Diego – +22.4%
Miami – +18.8%
Denver – +18.6%
Houston – +14.8%
Los Angeles – +14.1%
Washington DC – +9.9%
Boston – +9.8%
Chicago – +8.4%
In smaller markets, Naples FL posted the highest y/y home price appreciation at +37.6%. In Punta Gorda FL, home prices grew to +35.7%
Forecast for 2022
The CoreLogic Market Risk Indicators suggest just a small likelihood of a nationwide home price decline in 2022. Instead, home price declines are expected to be limited to specific, at-risk markets including Prescott AZ, Merced CA, Lake Havasu City-Kingman AZ, Worcester MA-CT and Kalamazoo-Portage MI.
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Overall, CoreLogic’s HPI projects home price appreciation to remain +10% during the early months of 2022 and winding down each month to a 12-mmonth rise of +3.5% by December 2022. CoreLogic anticipates the average projected National HPI to come in at the annual average of +9.6% in 2022.
Thanks to CoreLogic.