According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased 15.4% year-over-year in May. CoreLogic predicts that home prices will increase on a month-over-month basis by 0.8% through June, 2021, and on a year-over-year basis by 3.4% through May, 2022.
“First-time buyers are hitting a wall in many places around the country as the pace of home price rises outpace the benefits of lower borrowing costs. Younger and first-time buyers, including younger millennials, are faced with the challenge of having sufficient savings for a down payment, closing costs and cash reserves. As we look to the balance of 2021, we expect price rises to continue which could very well push prospective buyers out of the market in many areas and slow home price growth over the next year.” Said Frank Martell, President and CEO of CoreLogic.
Click here to read the full report at CoreLogic.