According to information recently released by Red Bell Real Estate, a Radian Group Inc. company, in its Radian Home Price Index (HPI), home prices climbed nationally from the end of January 2022 to February 2022 at an annualized rate of 11.3%. In February, home prices across the U.S. rose at a slower pace than in January but continued to appreciate at higher rates compared to the same time last year.
The last time that national home prices increased by less than 10% was in February 2021. Since then, the U.S. housing market has witnessed twelve consecutive months of annualized monthly home price appreciation of more than 10%. As a result, the median home price of all homes in the U.S. has risen by more than $41,000 in just one year.
In remarks prepared for the release of the February Radian HPI, Steve Gaenzler, SVP of Products, Data, and Analytics said, “After peaking last September, home price appreciation rates have slowed during the fall and winter months. The remainder of 2022 will likely pit opposing forces—the desired return to normalcy and spending that will come with the ending of the pandemic, and the increased cost of homeownership that has resulted from higher mortgage rates, inflation, and prior home price gains.”
“Ultimately, housing markets large and small across the country have proven that homeownership is a wealth creator that supports the ‘American Dream,’ even in challenging times,” Gaenzler added.
Nationally, the median estimated price for single-family and condominium homes rose to $313,530. Across the U.S., home prices nationally rose 16.1% over the last six months, a strong increase over the prior six-month appreciation rate of just 13.2%.
“While the future is unknown, millions of Americans saw their home value increase during a time of great personal and economic stress,” said Gaenzler. “The median-priced homeowner in the U.S. gained approximately $62,000 in wealth since the onset of the pandemic closures in March of 2020.”
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