CoreLogic: Home Prices In May Up 20% From Last Year

Abstract

KEY TAKEAWAYS Home prices increased by 1.8% in May 2022 compared with April 2022. Large cities continued to experience price increases in April, with Phoenix on top at 28.7% year over year. CoreLogic's May Home Price Insights report revealed that home prices nationwide, including distressed sales, increased 20% in May 2022 from a year earlier. On a month-over-month basis, home prices increased 1.8% in May from April. As in past months, all states and Washington, D.C., posted annual appreciation, with 13 states posting gains of more than 20%. "Slowing home price growth reflects the dampening consequence of higher mortgage rates on housing demand, which was the intention," said Selma Hepp, chief economist at CoreLogic. "With monthly mortgage expenses up about 50% from only a few months ago, fewer buyers are now competing for continually limited inventory."And while annual home price growth still exceeds 20%," Hepp continued, "we expect to see a rapid deceleration in the rate of growth over the coming year. The CoreLogic Market Risk Indicator predicts that Bremerton-Silverdale, Wash., is at very high risk of a decline in home prices over the next 12 months.