The CoreLogic Home Price Index (HPI) bumped up 10% year over year – the first double-digit annual appreciation since November 2013.
“Homes priced below 75% of the local median price had 14% annual appreciation, negating most of the benefits of record-low mortgage rates. When interest rates rise, the affordability squeeze for first-time buyers will become even more of a challenge.”CoreLogic
CoreLogic delivers an expanded perspective on housing economies and property markets.
From January 2020 through 2021 the Home Price Index rose 10%. This is the first double-digit appreciation since November 2013.
2020 was a landmark year for the housing market. Factors such as record-low mortgage rates encouraged first-time homebuyers to dip their toe into the housing market and allowed home price growth to remain strong, despite economic uncertainty. The momentum continued into 2021, with home price growth experiencing its first double-digit annual appreciation since November 2013 in January at 10%.
Takeaways from the CoreLogic Report:
- Nationally, home prices increased 10% in January 2021, compared with January 2020.
- On a month-over-month basis, home prices increased by 0.9% compared to December 2020.
- January 2021 gains across all of the 10 select metropolitan areas surpassed their January 2020 levels.
- Metro areas where affordability constraints are prevalent continue to persist as prices rise.
Read the full press release from CoreLogic – In High Gear: Annual US Home Price Appreciation Reaches Double Digits in January, CoreLogic Reports