CoreLogic Principal Economist Molly Boesel reviels that the home price appreciation will slow down after last year’s surge. 2021 brought an 18.5% year over year increase in national home prices. CoreLogic Home Price Index’s data shows this is the highest 12-month gain since the index was founded in 1976.
“Consumer desire for homeownership against persistently low supply of for-sale homes created one of the hottest housing markets in decades in 2021 and spurred record-breaking year-over-year home price growth,” Boesel said.
This year, Boesel predicts that the annual growth rate in home pricing will slow down each month and will average 9.6% for the full year.
Rent has also increased in single-family homes. Rent was up 11.5% year-over-year in November 2021.
“The November 2021 increase was more than three times the November 2020 increase, and while the index growth slowed in the summer of 2020, rent growth returned to its pre-pandemic rate by October 2020,” Boesel noted.
Now is a great time to purchase a home. Contact a local Realtor who knows the market and the area.
