This monthly Home Price Insights report from CoreLogic provides early indications of home price trends through April 2022 and forecasts through April 2023.
April 2022 National Home Prices
In CoreLogic’s latest Home Price Insights (HPI) Report, CoreLogic indicated that home prices nationwide, including distressed sales, increased +20.9% y/y in April 2022.
On a month-over-month basis, home prices increased +2.6% m/m in April.
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The CoreLogic HPI Forecast indicated that home prices are expected to increase +1.2% from April to May 2022 and +5.6% y/y from April 2022 to April 2023.
Increasing Interest Rates Expected to Moderate Buyer Demand
On a nationwide basis, CoreLogic indicated in its latest HPI report that home prices posted yet another record-high year-over-year gain in April 2022. (This gain marked the 123rd consecutive month of home price gains.)
CoreLogic also reported that approximately 70% of for-sale homes sold for more than their respective asking prices this spring. CoreLogic attributed this price growth to buyer urgency stimulated by rising mortgage rates. In other words, buyers wanted to buy “now!” prior to interest rates climbing even more in the near future.
CoreLogic anticipates that higher mortgage rates in the coming months will likely douse buyer demand going forward and that annual home price appreciate will cool with such declining demand to +5.6% by April 2023.
Patrick Dodd, President and CEO with CoreLogic, said, “The record growth in home prices is a result of scarcity of for-sale inventory coupled with eager buyers who want to purchase before mortgage rates go higher. Buyers who closed on their home in April had locked in their mortgage rate in February or March, when rates were lower than today. With 30-year fixed mortgage rates much higher now, we expect to see waning buyer activity because of eroding affordability. As a consequence, our forecast projects slowing price growth over the coming year.”
State & Metros with Highest Y/Y Home Price Increases
With home prices increasing an average +20.9% y/y and no states posting annual declines in home prices during April 2022, states with the highest home price increases y/y were…
- Florida – +32.4%
- Arizona – +28.1%
- Tennessee – +27.2%
The large metros with the largest home price increases in April 2022 included:
- Phoenix – +29.7%
- Las Vegas – +27.1%
- San Diego – +26.0%
- Miami – +23.0%
- Denver – +21.7%
- Los Angeles – +17.5%
- Houston – +17.2%
- Boston – +10.9%
- Chicago – +10.7%
- Washington – +10.4%
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Thanks to CoreLogic.