Home prices saw tremendous growth on a monthly and annual basis according to the December CoreLogic Home Price Insights report. (CoreLogic)
- Y-O-Y: Increased 9.2% in December 2020 compared with December 2019.
- M-O-M: Increased 1% in December 2020 compared with November 2020.
Lack of inventory continues to lead appreciation of home prices.
- CURRENT housing supply numbers are on average 24% below 2019 levels.
- THE AVERAGE monthly year-over-year gain was 5.7% compared with 3.8% in 2019.
Dr. Frank Nothaft, Chief Economist for CoreLogic, said in a statement, “Two record lows are fueling home price gains: for-sale inventory and mortgage rates”
THE FUTURE: The CoreLogic HPI Forecast is for a .2% increase from December to January and a year-over-year increase of 2.9% by December 2021