7.6.21
CoreLogic’s latest Home Price Index (HPI) report for May 2021 shows that home prices are continuing to trend upwards. Findings reflect that many millennial home buyers are still entering the competitive market given low mortgage rates, but high prices are likely deterring increasing numbers of prospective buyers – especially first-time and low-income families. According to a CoreLogic survey, 82% of consumers noted housing affordability as a key problem and 33% stated they would wait to buy or not buy at all. CoreLogic’s forward-looking HPI sees home prices slowing over the next year with an annual increase in May 2022 projected to be at 3.4% as affordability challenges are likely to deter potential buyers and cause a slowdown in price growth.