CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today (6-1-21) release their CoreLogic Home Price Index (HPI™) and HPI Forecast™ for April 2021. According to the report low inventory and high demand continues to place upward pressure on home prices, creating challenges across generations as buyer preferences shift. Younger millennials continue to enter the market in droves while older millennials look to upgrade and upsize their homes. Nationally, year-over-year home prices increased 13% . On a month-over-month basis they were up 2.1% from March 2021. Appreciation of detached properties (14.7%) were more than double that of attached properties (7.2%) in April as would be buyers continue to search out more space. Home prices are projected to increase by 2.8% by April 2022, as affordability and supply challenges drive potential buyers out of the market, resulting in a slower pace in home price growth. In a statement prepared for the release of April’s HPI, Frank Martell, president and CEO of CoreLogic said, “As older homeowners become more comfortable with listing their homes, they are faced with the reality that if they sell, they may get a smaller home for the same price as what they already have. Rather than decreasing their financial burden and cashing out equity to support their retirement, baby boomers may choose to stay put — which could exacerbate inventory challenges.”
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U.S. Home Price Insights