CoreLogic report for May is yet another reporting home
prices are still moving higher. May’s year-over-year appreciation of 15.4 percent
was the highest since 2005. On a monthly basis the April to May gain was 2.3 percent.
Detached properties appreciated at a rate of 17.2 percent, nearly double the 9.1
percent rate for attached properties as prospective buyers continue to seek out
more space.

The company says that many millennials and Gen Z home buyers are continuing to move into
the hot market thanks to low borrowing rates, but high prices are likely
deterring increasing numbers of prospective buyers – especially
first-time and low-income families. Currently, 82 percent of consumers called housing
affordability a key problem in a recent CoreLogic survey and 33 percent noted
they would wait to buy or not buy at all rather than make sacrifices on their
purchase.

CoreLogic’s forward looking Home Price Index Home sees home prices slowing over the next
year. The annual increase in May 2022 is projected at 3.4 percent as
affordability challenges deter potential buyers and cause a slowdown in price
growth.

…(read more)

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