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CoreLogic: House Prices up 20% YoY in February

Notes: This CoreLogic House Price Index report is for February. The recent Case-Shiller index release was for January. The CoreLogic HPI is a three-month weighted average and is not seasonally adjusted (NSA).

From CoreLogic: Annual Home Price Growth Again Hits New High in February, CoreLogic Reports
CoreLogic® … today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for February 2022.

U.S. home price growth registered a year-over-year increase of 20% in February, another series high and marking 12 months of consecutive double-digit gains. Annual price growth has been recorded every month for the past decade. While prospective buyers outnumber sellers, a record-low number of homes for sale remains the primary culprit for the rapid price gains. The CoreLogic HPI Forecast shows national year-over-year appreciation slowing to 5% by February 2023, as rising interest rates are expected to sideline even more buyers.

“New listings have not kept up with the large number of families looking to buy, leading to homes selling quickly and often above list price,” said Dr. Frank Nothaft, chief economist at CoreLogic. “This imbalance between an insufficient number of owners looking to sell relative to buyers searching for a home has led to the record appreciation of the past 12 months. Higher prices and mortgage rates erode buyer affordability and should dampen demand in coming months, leading to the moderation in price growth in our forecast.”

Nationally, home prices increased 20% in February 2022, compared to February 2021. On a month-over-month basis, home prices increased by 2.2% compared to January 2022.

Home price gains are projected to slow to 5% by February 2023.

At the state level, warmer regions of the U.S. continued to show the largest increases, with Florida showing the country’s strongest price growth at 29.1%. Arizona ranked a close second with 28.6% growth, while Nevada was third, at 25.8% annual appreciation.
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