Nationally, home prices increased +20.9% y/y in March 2022, according to the most recent monthly CoreLogic Home Price Insights report (HPI).
National Home Price Changes & Forecast Prices
According to CoreLogic’s latest monthly Home Price Insights report (HPI), home prices across the country (including distressed sales) jumped +20.9% y/y in March 2022. Home prices nationally increased +3.3% on a month-over-month basis.
The CoreLogic HPI Forecast indicates that home prices will increase +1.2% m/m and +5.9% y/y.
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Both the CoreLogic HPI Single Family Combined tier and the CoreLogic Case-Shiller Index are anticipating positive though moderating y/y price growth gains for 2023.
Annual gains are expected to slow to approximately +6% by next March 2023 due to rising mortgage rates (by late April 2022, interest rates had jumped about +30% from the same time last year) and higher home prices that hamper affordability for some home buyers.
Dr. Frank Nothaft, Chief Economist with CoreLogic, said, “The annual growth in the US index was the largest we have measured in the 45-year history of the CoreLogic Home Price Index. Couple that with the rapid rise in mortgage rates and buyer affordability has fallen sharply. In April 2022, 30-year fixed mortgage rates averaged nearly 2% points higher than one year earlier. With the growth in home prices, that means the monthly principal and interest payment to buy the median-priced home was up about 50% in April compared with last April.”
State Increases in Home Prices
Nationally, home prices jumped +20.9% y/y, according to CoreLogic. No states posted any annual decline in home prices.
States with Highest Price Increases Y/Y
- Florida – +31.4%
- Arizona – +28.7%
- Tennessee – +26.7%
Top Ten Metro Increases in Home Prices
- Phoenix – +30.4%
- Las Vegas – +27.4%
- San Diego – +25.8%
- Denver – +21.9%
- Miami – +19.8%
- Los Angeles – +25.8%
- Houston – +16.8%
- Boston – +12.1%
- Chicago – +11.1%
- Washington DC – +9.9%
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Thanks to CoreLogic.
