Home prices saw record growth in April, according to the CoreLogic Home Price Insight report…(CoreLogic)
- Y-O-Y: Home prices nationwide increased 20.9% year over year in April 2022 tying the record growth rate reported in March.
- M-O-M: Home prices were up 2.6% just from March, this was down from the 3.3% monthly growth reported in March.
Florida took the top spot, once again, with slightly higher growth in April at 32.4% year-over-year followed by Arizona (+28.1%) and Tennessee (+27.2%).
- Phoenix remained the top metro area with 29.7% year-over-year growth followed by Las Vegas (+27.1%) and San Diego (+26.0%).
Patrick Dodd, President and CEO for CoreLogic, said higher rates are finally starting to be felt in home prices…
- “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.”
Well, here we are again. Another month, another record jump in prices. However, based on the rising inventory levels that we saw in mid-to-late May, you have to wonder if this could be the last month of record highs…