According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased 7.3% year-over-year in October. CoreLogic predicts that home prices will increase on a month-over-month basis by 0.4% through October 2021, and on a year-over-year basis by 1.9% through October 2021 – both of which are higher numbers than their last report. However, the effects of the pandemic are being felt:
“The pandemic has shifted home buyer interest toward detached rather than attached homes. Detached homes offer more living space and are typically located in less densely populated neighborhoods. And while prices of single-family detached homes posted an annual increase of 7.9% in October, the price of attached homes rose only 4.5% year over year.” Dr. Frank Nothaft, Chief Economist for CoreLogic.