US Annual Home-Price Growth Sets High-Water Mark in August
CoreLogic’s US Home Price Index reached a record-setting 18.1% in August, the highest in the 45-year history of the index.
Nationally, home prices increased 18.1% in August 2021, compared to August 2020, marking the largest 12-month growth in the history of the CoreLogic Home Price Index (HPI), a series that began in January 1976.
In August, home prices rose sharply in the Pacific Northwest with Bend, Ore., experiencing the highest year-over-year increase at 37.2%. Twin Falls, Idaho, ranked second with a year-over-year increase of 35.8%.
On a month-over-month basis, home prices increased by 1.3% nationally compared to July 2021.
In August, appreciation of detached properties (19.8%) was again the highest measured since the inception of the index and 7.8-percentage points higher than that of attached properties (12%).
Realtor.com: Active Listings Fall 25% in August
Realtor.com shared last week its August single-family home data, with it finding that the national inventory of active listings declining by 25.8% over last year, while the total inventory of unsold homes, including pending listings, declined by 13.8%.
Realtor.com also reported that newly listed homes on the market are up 4.3% nationally compared to a year ago, and 5.1% higher for large metros over the past year. Sellers are still listing at rates 8.6% lower than typical 2017 to 2019 levels. And, the August national median listing price for active listings was $380,000, up 8.6% compared to last year and up 19.6% compared to 2019. Large metros saw an average price gain of 3.5% compared to last year.
Homes on Market an Average of 39 Days
Nationally, the typical home spent 39 days on the market in August, much less than the 56 days during the same month in 2020 and 63 days which was typical in the 2017 to 2019 period.
CoreLogic president and CEO Frank Martell said in prepared remarks that, “Home prices continue to escalate at a torrid pace as a broad spectrum of buyers drive demand for a limited supply of homes. We expect to see the trend of strong price gains continue indefinitely with large amounts of capital chasing too few assets.”