According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased 6.7% year-over-year in September. Interestingly, CoreLogic predicts that home prices will increase on a month-over-month basis by 0.2% from September 2020 to October 2020, and on a year-over-year basis by only 0.2% from September 2020 to September 2021.
“COVID has contributed to the acute shortage of inventory as the pace of new construction slowed and older prospective sellers postponed listing their homes until after the pandemic. Once the pandemic passes or a vaccine is widely administered, we should see a noticeable pick-up in for-sale homes. And if the economy’s recovery is sluggish next year, distressed sales may also add to market inventory.” – Dr. Frank Nothaft Chief Economist for CoreLogic