The CoreLogic Home Price Index showed the first pullback on year-over-year gains in 2021, according to the September report…(CoreLogic)
- M-O-M: Nationwide home prices increased by 1.1% in September 2021 compared with August which is a slight decline from the 1.3% m-o-m in August.
- Y-O-Y: Home prices on an annualized basis increased by 18.0% in September 2021 compared with September 2020. A decline from the record 18.1% in August.
NOTE: This is the first year-over-year data that was lower than the preceding month in 2021.
The forecasts also showed a decline in this month’s report with month-over-month growth predicted at 0.1% for October 2021, and on a year-over-year basis by 1.9% from September 2021 to September 2022.
- The August 2022 year-over-year increase was predicted to be slight higher at 2.2%.
Frank Martell, President and CEO of CoreLogic, said the major geographical shift that occurred during the pandemic is expected to slow as we move forward…
- “The pandemic led prospective buyers to seek detached homes in communities with lower population density, such as suburbs and exurbs. As we head into 2022, we expect some moderation in the current pattern of flight away from urban cores as the pandemic wanes.”
REMINDER: The FHFA HPI reported at the end of October that House prices rose 18.5% from August 2020 to August 2021. That was down from the 19.2% year-over-year growth reported in July… (Markets & Mortgages)
