Home prices increased +19.1% y/y in January 2022, according to CoreLogic.
January 2022 National Home Price and Forecast Changes
According to CoreLogic’s latest monthly Home Price Insights report, nationwide home prices increased +19.1% y/y in January 2022. Monthly, home prices increased +1.4% in January.
CoreLogic’s month-to-month forecast of home prices nationally is +0.2% from January 2022 to February 2022 and +3.8% year-over-year from January 2022 to January 2023.
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!
Core Logic indicated that both the CoreLogic HPI Single Family Combined tier and the CoreLogic Case-Shiller Index are posting moderating positive year-over-year changes in national home prices and forecasting gains for the coming year.
Economic Impacts on Home Prices
Looking-to-buy consumers are remaining optimistic concerning a pending home purchase over the next six months.
Consumers are positive about potential home purchases for primarily two reasons despite continued low inventory levels, buyer competition and declining affordability: home price appreciation is forecasted to slow within the next six months and slight mortgage rate increases may be modulated by the current conflict in Ukraine as Russia continues its invasion of the country.
According to CoreLogic’s Chief Economist Dr. Frank Nothaft, “In December and January, for-sale inventory continued to be the lowest we have seen in a generation. Buyers have continued to bid prices up for the limited supply of the market. However, the rise in mortgage rates since January further eroded buyer affordability and is expected to slow price gains in coming months.”
Nationwide and State-Wide Home Prices Increased in January 2022
As we mentioned up top, home prices nationally increased +19.1% in January 2022. No states posted annual declines in home prices.
States with the highest increases in home prices year-over-year included:
- Arizona – +28.3%
- Florida – +27.9%
- Utah – +25.2%
- Nevada – +25.0%
- Tennessee – +24.7%
States with the lowest increases in home prices year-over year included:
- Illinois – +10.0%
- New York – +8.0%
- North Dakota – +7.8%
- Alaska – +7.4%
- District of Columbia – +3.8%
Year-Over-Year Home Price Changes in Top 10 Metros in January 2022
- Phoenix – +30.2%
- Las Vegas – +25.2%
- San Diego – +23.3%
- Denver – +19.1%
- Miami – +18.7%
- Houston – +15.9%
- Los Angeles – +14.5%
- Boston – +9.8%
- Chicago – +9.0%
- Washington DC – +8.9%
All Price Levels Saw Year-Over-Year Home Price Acceleration in January 2022
- Low Price Tier – +20.6%
- Low-to-Middle Price Tier – +19.8%
- Middle-to-Moderate Price Tier – +20%
- High Price Tier – +19.7%
Markets at Risk of Home Price Decline
- Lake Havasu City – Kingman AZ
- Prescott AZ
- Bridgeport-Stamford-Norwalk CT
- Bremerton-Silverdale WA
- Hartford-West Hartford-East Hartford CT
An important question for you. 2022 is here…have you completed your 2022 Real Estate Business and Lead Generation Plan? If not, no worries. We have done the hard work for you. Download your 2022 REAL ESTATE TREASURE MAP! Text HARRIS to 47372. It’s that simple and takes 3 seconds. Text HARRIS to 47372 and when you do we will instantly text you back with a link to download. BONUS: For a limited time when you text HARRIS to 47372 you will also receive a Coaching Call!
4 Msgs/Month. Reply STOP to cancel, HELP for help. Msg&data rates may apply. Terms & Privacy: slkt.io/JWQt
Thanks to CoreLogic.
