Home price growth hits 15-year high

CoreLogic Home Price Index rose by 10.4 percent in February

National /
Apr.April 06, 2021 06:15 PM
February were 10.4 percent higher than last year. (iStock)

February were 10.4 percent higher than last year. (iStock)

Home prices continue to skyrocket as low levels of inventory begin to depress the number of sales.

CoreLogic Home Price Index, which tracks national home prices, showed prices were 10.4 percent higher in February than they were a year earlier. It was the largest increase since April 2006.

No state reported an annual decline in home prices, while the largest gains were Idaho’s 22.6 percent, Montana’s 19.5 percent and South Dakota’s 17.1 percent. Bidding wars have juiced once-sleepy housing markets as work-from-home policies unleased city dwellers with big housing budgets on lower-priced areas.

Among large cities, some of the largest year-over-year home price growth in February was in Miami, up 7 percent; Los Angeles, 8.2 percent; and Chicago, 6.3 percent. Miami was also one of the five markets that CoreLogic deemed most at risk for a decline in home prices.

Nationally, prices in February were up 1.2 percent from January, when the index saw its biggest annual gain in seven years.

The gains come as the number of homes on the market have remained historically low. The supply is beginning to constrain sales, according to the National Association of Realtors, and soaring lumber prices are driving up the cost of new construction.






    Related Articles

    arrow_forward_ios
    The state has opened 52 more investigations into potential fair-housing law violations tied to the Newsday report (iStock)
    Agents named in discrimination exposé face discipline from NY state
    Agents named in discrimination exposé face discipline from NY state
    Celebrity broker Ryan Serhant is renting his Hudson Square penthouse. (Serhant)
    Ryan Serhant rents Lower Manhattan penthouse for $15K
    Ryan Serhant rents Lower Manhattan penthouse for $15K
    Birmingham and Bournemouth both saw a giant increase in demand. (Getty)
    Demand for rentals rises in UK’s largest cities in Q1
    Demand for rentals rises in UK’s largest cities in Q1
    This Arkansas compound sits directly across from the University of Arkansas football stadium. (Getty, Realtor.com)
    Arkansas’ priciest home lists near Fayetteville football stadium
    Arkansas’ priciest home lists near Fayetteville football stadium
    Better CEO Vishal Garg and SoftBank CEO Masayoshi Son (Better.com, Getty)
    Better.com lands $500M investment from SoftBank
    Better.com lands $500M investment from SoftBank
    An index tracking applications for mortgages to purchase homes decreased 5 percent. (iStock)
    Frenzy ending? Mortgage requests fall 5%
    Frenzy ending? Mortgage requests fall 5%
    (iStock/Illustration by Kevin Rebong for The Real Deal)
    March madness: Homes sold faster than ever last month
    March madness: Homes sold faster than ever last month
    (iStock/Illustration by Kevin Rebong for The Real Deal)
    Foreclosures and evictions could be halted for rest of 2021
    Foreclosures and evictions could be halted for rest of 2021
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...