How much have home values appreciated over the last 12 months?
According to the latest Home Price Index from CoreLogic, home values have increased by 18.1% compared to this time last year. Additionally, prices have gone up at an accelerated pace for each of the last eight months (see graph below):equity.
What’s happening with home prices right now?
All three indices mentioned above also show that while appreciation is in the high double digits right now, that price acceleration is beginning to level off (see graph below):shortage of homes available for sale. Most experts believe that as more housing inventory comes to market (both new construction and existing homes), the supply and demand for housing will come more into balance. That balance will bring a lower rate of appreciation in 2022. Here’s a look at home price forecasts from six major entities, and they all project future appreciation:
- Fannie Mae
- Freddie Mac
- Mortgage Bankers Association
- Home Price Expectation Survey
- Zelman & Associates
- National Association of Realtors