Home Price Growth Holds at 18% in October

Home price growth held steady in October, according to the latest data from CoreLogic’s Home Price Index…(CoreLogic)

Y-O-Y: National home prices held strong at 18% year over year growth in October.

M-O-M: Home prices increased by 1.3% compared to September 2021 which is up from August’s 1.1% growth.

REMINDER: The annual growth is the highest 12-month growth in the U.S. index since the series began in 1976.

Looking at the crystal ball, CoreLogic predicts home prices will see 2.5% growth from October 2021 to October 2022.

Arizona continues to lead the country with 28.8% year-over-year growth followed closely by Idaho at 28.7%.

Utah, Florida, Nevada, and Montana were all at 24% year-over-year growth in November.

Frank Martell, President and CEO of CoreLogic, predicts a slight dip during the holidays, but demand remains strong…

“New household formation, investor purchases and pandemic-related factors driving demand for the limited supply of available for-sale homes continues to propel the upward spiral of U.S. home prices. However, we expect home price growth to moderate over the near term as many buyers take a break for the holidays.”