CoreLogic
says home prices in January were 10 percent higher than a year earlier. It was
the first double digit increase in the company’s Home Price Index (HPI) since
November 2013
. The company had reported a 9.2 percent annual increase in
December. The month-over-month increase in home
prices nationwide, including distressed sales, was 0.9 percent. Frank Martell, President and CEO of
CoreLogic said, “Record-low mortgage rates were a significant driving force
behind last year’s rebound in housing market activity. However, heavy
competition for the few houses on the market drove home prices to historic
highs, and mortgage rates are no longer enough to sway the affordability
challenges for consumers. While new construction may help balance home prices
towards the end of 2021, we may expect to see demand slow in the medium-term.

 

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