Home Prices Increase in May 2022
U.S. Home Price Insights
CoreLogic released the Home Price Index (HPI) and HPI Forecast for May 2022. According to the HPI although U.S. home price growth relaxed slightly in May from April, it remained in double digits year over year for the 16th consecutive month. As in past months, all states and Washington, D.C. posted annual appreciation, with 13 states posting gains of more than 20%.
Home prices nationwide, including distressed sales, increased year-over- year by 20.2% in May 2022 compared with May 2021. On a month-over-month basis, home prices increased by 1.8% in May 2022 compared with April 2022.
While rising interest rates cooled overheated demand this spring and are expected to contribute to slowing price growth over the next year, motivated buyers may have less competition and more opportunities moving forward.
The CoreLogic HPI Forecast indicates that home prices will increase on a month-over-month basis by 1% from May 2022 to June 2022 and on a year-over-year basis by 5% from May 2022 to May 2023.
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