Is the market slowing down? If you’re judging that by new July numbers out from CoreLogic, the answer is a definitive no.
As reported by Inman, home price growth was up a record-setting 18 percent year-over-year this past July—the highest since CoreLogic began tracking the metric in 1976. Encouraged by bidding wars and low inventory, prices were up 1.8 percent compared to June 2021.
“Home price appreciation continues to escalate as millennials entering their prime home buying years, renters looking to escape skyrocketing rents and deep pocketed investors drive demand,” CoreLogic CEO Frank Martell said in a statement. “On the supply side, it is also the result of chronic under building, especially of affordable stock. This lack of supply is unlikely to be resolved over the next 5 to 10 years without more aggressive incentives for builders to add new units.”
As new listings come to market, CoreLogic anticipates that overall growth will slow to 2.7 percent by July 2022.
As for the current market, Idaho and Arizona had the largest price growth at 33.6 percent and 28.4 percent, respectively.