CoreLogic’s latest monthly Home Price Index (HPI) indicated that home prices increased +20.0% y/y through February 2022.
HPI National Change
Home prices nationwide jumped +20.0% y/y in February 2022. Additionally, home prices in February 2022 increased +2.2% m/m. This +20.0% y/y price growth in February marked 12 consecutive months of double-digit price gains. Home price growth has been an industry fixture during every month for the past decade.
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CoreLogic stated that the record-low number of for-sale homes remains the primary culprit of these now long-standing price gains.
Dr. Frank Nothaft, chief economist with CoreLogic said, “New listings have not kept up with the large number of families looking to buy, leading to homes selling quickly and often above list price. This imbalance between an insufficient number of owners looking to sell relative to buyers searching for a home has led to the record appreciation of the past 12 months. Higher prices and mortgage rates erode buyer affordability and should dampen demand in coming months, leading to the moderation in price growth in our forecast.”
CoreLogic’s HPI Forecast indicated that home prices will increase +0.6% m/m and +5% y/y from February 2022 to February 2023.
States with Highest Price Increases Y/Y in February 2022
States with the highest price increases in February 2022 included:
- Florida – +29.1% y/y
- Arizona – +28.6% y/y
- Nevada – +25.8% y/y
Metros with Highest Price Increases Y/Y in February 2022
- Naples – +41% y/y
- Cape Coral – +40% y/y
- Phoenix – +30.4% y/y
- Las Vegas – +26.5% y/y
- San Diego – +25.2% y/y
- Denver – +20.4% y/y
- Miami – +19.5% y/y
- Houston – +16.4% y/y
- Los Angeles – +15.1%
- Boston – +10.9% y/y
- Chicago – +10.0% y/y
- Washington DC – +8.9% y/y
Upstate New York had the lowest home price appreciation rates in the country with Ithaca posting a +5.2% y/y price increase and Elmira with a +3% y/y price increase
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Thanks to CoreLogic.
