CoreLogic: Home Prices In May Up 20% From Last Year – NMP Skip to main content

CoreLogic: Home Prices In May Up 20% From Last Year

Sarah Wolak
Jul 05, 2022
Home prices took a 5.7 percent year-over-year spike in June, according to new data from CoreLogic

Marks the 16th consecutive month of double-digit price increases.

KEY TAKEAWAYS
  • Home prices increased by 1.8% in May 2022 compared with April 2022.
  • Large cities continued to experience price increases in April, with Phoenix on top at 28.7% year over year.

CoreLogic’s May Home Price Insights report revealed that home prices nationwide, including distressed sales, increased 20% in May 2022 from a year earlier. No states posted an annual decline in home prices. 

On a month-over-month basis, home prices increased 1.8% in May from April. The CoreLogic HPI Forecast predicts that home prices will increase on a month-over-month basis by 1% from May to June, and on a year-over-year basis by 5% from May 2022 to May 2023.

Though U.S. home-price growth relaxed slightly in May from April, it remained in double digits year over year for the 16th consecutive month. As in past months, all states and Washington, D.C., posted annual appreciation, with 13 states posting gains of more than 20%. 

“Slowing home price growth reflects the dampening consequence of higher mortgage rates on housing demand, which was the intention," said Selma Hepp, chief economist at CoreLogic. "With monthly mortgage expenses up about 50% from only a few months ago, fewer buyers are now competing for continually limited inventory.

"And while annual home price growth still exceeds 20%," Hepp continued, "we expect to see a rapid deceleration in the rate of growth over the coming year. Nevertheless, the normalization of overheated buying conditions should bring about more of a balance between buyers and sellers and a healthier overall housing market.”

Other takeaways:

  • Large cities continued to experience price increases in April, with Phoenix on top at 28.7% year over year.
  • The CoreLogic Market Risk Indicator (MRI) predicts that Bremerton-Silverdale, Wash., is at very high risk (70%-plus probability) of a decline in home prices over the next 12 months.
Published
Jul 05, 2022
Mortgage Debt Rose 14% From 2017-2021: Experian

The New York Federal Reserve Bank says Americans now hold more than $11 trillion in mortgage debt

Analysis and Data
Aug 12, 2022
Growing Housing Inventory Dampens Competition: Redfin

While new listings dropped 12%, overall housing supply is growing, giving buyers more choices.

Analysis and Data
Aug 12, 2022
Home Prices In Q2 Rose By Double-Digits In 4 In 5 Metro Areas

NAR report says housing affordability tumbled dramatically in the second quarter.

Analysis and Data
Aug 11, 2022
Inflation Taps Brakes In July, YOY Increase Dips To 8.5%

Consumer Price Index also was unchanged in July from June.

Analysis and Data
Aug 10, 2022
MBA: Mortgage Applications Increased Last Week

Applications increased .02%

Analysis and Data
Aug 10, 2022
July 2022 Funded Mortgage Volume Decreased 53% From 2021

Curinos’ latest ‘Mortgage Hot Topics’ data, released on August 4, revealed that funded volume in the retail channel was down 57%.

Analysis and Data
Aug 09, 2022