CoreLogic Home Price Index Reports Home Prices Increased 17.2% Year-Over-Year in June 2021
US Home Price Insights
According to the latest CoreLogic Home Price Index™ (HPI) and HPI Forecast™ for June 2021, home prices have increased 17.2% from June 2020 — a rate of growth not seen since the late 1970’s. Month-over-month home prices increased by 2.3% compared to May 2021. CoreLogic is projecting home price gain will slow to a 3.2% increase by June 2022, as ongoing affordability challenges may deter some potential buyers, and an uptick in new for-sale listings cause a slowdown in home growth.
In a statement prepared for the release of the June HPI, Frank Martell, President and CEO of CoreLogic said, “Home prices have been rising in the mid-single digits for some years now. The recent surge to double-digit price jumps reflects the convergence of exceptional demand and persistent low supply. With plenty of cash on the sidelines, along with very low mortgage rates, prices are heading up and affordability will become a more acute issue for the foreseeable future.”
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