U.S. Home Prices Hit All-Time High

Home prices across the country continue to rise at a fever pitch, toppling records month by month. Now, new August data from CoreLogic shows that prices have actually surpassed decades worth of tracking, setting an all-time record.

According to CoreLogic, U.S. home prices soared 18.1 percent in August, the highest annualized rate of acceleration CoreLogic has ever recorded since it began tracking data in 1977.

On a month-over-month basis, home prices increased by 1.3 percent in August compared to July 2021. 

Home prices rose sharply in the Pacific Northwest with Bend, OR., experiencing the highest year-over-year increase at 37.2 percent. Twin Falls, ID., ranked second with a year-over-year increase of 35.8 percent. At the state level, Idaho and Arizona again led the way with the strongest price growth at 32.2 percent and 29.5 percent, respectively.

Appreciation of detached properties was again the highest measured since the inception of the index at 19.8 percent— 7.8-percentage points higher than that of attached properties.

“Home prices continue to escalate at a torrid pace as a broad spectrum of buyers drive demand for a limited supply of homes,” said Frank Martell, president and CEO of CoreLogic. “We expect to see the trend of strong price gains continue indefinitely with large amounts of capital chasing too few assets.”

CoreLogic projects that home price gains are projected to slow to a 2.2 percent increase by August 2022, as ongoing affordability challenges deter some potential buyers.