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Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

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Logan Mohtashami on Omicron and pending home sales

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Real Estate

CoreLogic expects home prices to do this in the next 12 months

The rate of home price growth is leveling off

Nationally, home prices increased 3.5% year over year in October, according to CoreLogic‘s latest Home Price Index Report.

To be more specific, prices rose on lower-priced homes. A big trend seen in the 2019 housing market was tight inventory in both single-family and multifamily, creating an increase in prices.

The lowest priced home tier increased 5.5% year over year in October 2019, compared to 4.7% for the low- to middle-price tier, 4% for the middle- to moderate-price tier, and 3.1% for the high-price tier, according to CoreLogic.

(Image courtesy of CoreLogic. Click to enlarge.)

Going forward, CoreLogic expects home prices to increase 5.4% from October 2019 to October 2020.

Over the last six months, home prices have been increasing from between 3.2% to 3.5%, which means the rate of home price growth is leveling off.

In September this year, home prices rose 3.5% compared to September last year. At the time, CoreLogic predicted home prices will increase by 5.6%, come September 2020.

Idaho saw the largest and highest amount of price increase, with annual home price appreciation of 10.9% in October 2019.

Connecticut saw the lowest price appreciation increase, hovering just around zero. Connecticut home prices in October 2019 were also the farthest below their all-time HPI high, still 16.5% below the July 2006 peak.

(Image courtesy of CoreLogic. Click to enlarge.)

Overall, home prices in 41 states (including the District of Columbia) have risen above their nominal pre-crisis peaks, CoreLogic states.

While annual price increases slowed in 38 states compared to 2018, prices in Nevada increased by 3.2% year over year in October 2019, an 8.7-percentage-point tick down from the 11.9% annual increase in October 2018, signaling a slow down.

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