National home prices jumped +20.9% y/y in March 2022 from home price gains of +11.1% in March 2021, according to CoreLogic.
March 2022 CoreLogic Home Price Index (HPI) Gain Highest 12-Month Growth EVER
From the +11.1% home price gain in March 2021 to the gain of +20.9% in March 2022, this latest year-over-year gain in home prices was the highest 12-month home price growth since this CoreLogic series began in 1976.
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Even though CoreLogic anticipates home price growth to slow over the next 12 months, the HPI is expected to remain in double-digits throughout the rest of 2022.
Home Price Gains by Property Tiers and Types
All four price tiers measured by CoreLogic’s HPI experienced accelerating home price growth between 21.5% and 21.8% during March 2022.
The gap in home price appreciation between detached and attached properties narrowed.
Take a look:
- Low price – +21.5%
- Low-to-middle price – +21.5%
- Middle-to-moderate price – +21.8%
- High price – +21.6%
- Detached properties – +22%
- Attached properties – +17.3%
Home Price Appreciation Strongest in Sun Belt
All states had annual increases in HPI during March though some states had higher price appreciation rates than others. One factor that affected home price appreciation was population growth. Arizona, Florida, Nevada and Utah were in the top 10 for percentage increases in population growth in 2021 and Washington DC and New York had the slowest population growth.
Take a look at the highest and lowest y/y change in HPI in states during February 2022:
- Florida – +31.4%
- Arizona – +28.7%
- Tennessee – +26.7%
- Nevada – +26.5%
- Utah – +24.9%
- National – +20.9%
- South Dakota – +10.9%
- Alaska – +9.4%
- New York – +8.3%
- North Dakota – +8.3%
- District of Columbia – +4.6%
Take a look at the metro areas with the highest and lowest HPI gains in February 2022:
(All metro areas had y/y increases in home prices in February. Florida had seven metros in the top 10.)
- Naples-Immokalee-Marco Island FL – +46.8%
- Cape Coral-Fort Myers – +42.8%
- North Port-Sarasota-Bradenton – +39.9%
- Odessa TX – +3.4%
- Hattiesburg MS – +4.2%
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Thanks to CoreLogic.
