On May 3, 2022 CoreLogic published their U.S. Home Price Insights with forecasts thru March 2023. They have been providing data to consumers and the real estate industry for almost half a century. Here are some highlights I have cherry picked:
- Nationally, home prices increased 20.9% year over year in March. No states posted an annual decline in home prices. This is the largest annual growth in the 45 year history of the CoreLogic Home Price Index. The monthly principal and interest payment to buy the median-priced home was up about 50% in April compared with last April.
- The states with the highest price increases year over year were Florida at 31.4%, Arizona at 28.7%, and Tennessee at 26.7%.
- Regionally, the top 5 cities in price increases in March were Phoenix at 30.4%, Las Vegas 27.4%, San Diego 25.8%, Denver 21.9%, and Miami 19.8%.
- Annual gains are projected to slow to around 6% by next March, due in part to rising mortgage rates and higher home prices hampering affordability for some home shoppers.
- The top markets with at least a 50%-75% risk of a decline in home prices over the next 12 months: Lake Havasu City-Kingman, AZ; Prescott, AZ; Bridgeport-Stanford-Norwalk, CT; Bremerton-Silverdale, WA; and Urban Honolulu, HI.
If you need help or guidance on a note situation, please call. If you have a note you want to sell, please call me for some pricing.