Home Price Insights Report
CoreLogic recently released its July Home Price Insights (HPI) report analyzing home appreciation rates year-over-year and their forecast for 2022. Key findings of the report are:
Home prices nationwide increased year-over-year by 18% in July 2021 compared with July 2020. Washington, DC is among the top 10 cities for appreciation with a rate of 13.8%.
Home prices nationwide increased month-over-month by 1.8% in July 2021 compared with June 2021.
The CoreLogic HPI Forecast predicts that home prices will continue to increase month-over-month by 0.7% from July 2021 to August 2021.
The CoreLogic HPI Forecast predicts that home prices will continue to increase year-over-year by 2.7% from July 2021 to July 2022.
Given the demand and accounting for the number of standalone homes built in the past decade, the single-family market is estimated to be undersupplied by 4.35 million units by 2022.
So what does this mean for YOU?! Home prices and consumer demand continue to remain strong while inventory remains low. We’re likely to see these trends continue as Millennials and Gen Z continue to enter the home-buying market. An increase in rates is not an IF, it’s a WHEN, making now a great time for your sellers and buyers alike. The cost of waiting will yield higher rates and sales prices, resulting in higher payments for buyers who do not act now.
Click here to read the full report.
MEET KRISTEN JONES
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