Home Prices Jump 13% in April
Home prices continued their upward climb in April, according to the latest data from the CoreLogic Home Price Insights Index (CL)
- M-O-M: Home prices nationwide increased month over month by a staggering 2.1% in April 2021 compared with March 2021
- Y-O-Y: Home prices nationwide year over year were up a whopping 13% in April 2021 compared with April 2020
The top five metro markets were led by Phoenix that saw a stunning 20.7% year over year appreciation followed by San Diego (+16.1%), Denver (+13.8%), Washington D.C. (+10.9%), and Las Vegas (+10.5%).
THE FUTURE: The CoreLogic HPI Forecast indicates that home prices will increase on a month-over-month basis by 1.1% in May 2021. Despite the sustained double-digit appreciation, the HPI is forecasting only a year-over-year gain of 2.8% in April 2022.
Frank Martell, President and CEO of CoreLogic, predicts that inventory issues could remain. “ [Older homeowners] are faced with the reality that if they sell, they may get a smaller home for the same price as what they already have. Rather than decreasing their financial burden and cashing out equity to support their retirement, baby boomers may choose to stay put — which could exacerbate inventory challenges.”
