Remote work has allowed many employees to buy homes further away from their office, which is reflected in CoreLogic Home Price Index and HPI Forecast for September 2021.

Demand for home buying remained strong through the end of the summer. However, the ongoing housing supply shortage has continued to drive up prices, which increased 18% year over year in September, to record highs creating additional challenges for entry into the homebuying market. High demand and low supply levels for entry-level homes, in particular, are sidelining many would-be first-time buyers.

As millennials continue to make up a large part of homebuying demand and flock to tech hubs such as Seattle; San Jose, California and Austin, Texas, we may see this challenge intensify. This is reflected in a recent CoreLogic consumer survey, with 47.9% of this cohort stating they cannot afford to purchase a home in their preferred area.