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Home Price Appreciation Broke an 8-Year Record in January

Tuesday, March 2, 2021

CoreLogic says home prices in January were 10 percent higher than a year earlier. It was the first double digit increase in the company's Home Price Index (HPI) since November 2013. The company had reported a 9.2 percent annual increase in December. The month-over-month increase in home prices nationwide, including distressed sales, was 0.9 percent. Frank Martell, President and CEO of CoreLogic said, "Record-low mortgage rates were a significant driving force behind last year's rebound in housing market activity. However, heavy competition for the few houses on the market drove home prices to historic highs, and mortgage rates are no longer enough to sway the affordability challenges for consumers. While new construction may help balance home prices towards the end of 2021, we may expect to see demand slow in the medium-term."

 

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