CoreLogic Says 2021 Will See First Home Price Declines in 9 Years
According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased 5.4% (year over year) in April 2020 compared with April 2019 and increased month over month by 1.4% in April 2020 compared with March 2020. However, they also caution that 2021 will mark the first year home prices are expected to decline in more than nine years, due to the lingering impact of the Coronavirus pandemic. Indeed…
“The very low inventory of homes for sale, coupled with homebuyers’ spur of record-low mortgage rates, will likely continue to support home price growth during the spring. If unemployment remains elevated in early 2021, then we can expect home prices to soften. Our forecast has home prices down in 12 months across 41 states.” Dr. Frank Nothaft, Chief Economist for CoreLogic.
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