CoreLogic released their Home Price Index report for November 2020, showing that Home prices increased 1.1% during the month and 8.2% on a year over year basis. This is a significant gain from the 7.3% year over year number reported.
Lower-priced home values increased about one and half times faster than higher-priced home values as that’s where the greatest level of demand is.
They forecast that home prices will rise 0.2% in December and 2.5% in the year going forward, which is better than the 1.9% forecast in the previous report. Not that long ago they were expecting a negative 6.6%.
Within the report, the hottest markets were Phoenix, San Diego, and Washington D.C. Phoenix was up 12.6% and we saw San Diego up 9.5%, and Washington D.C. up 8.2%.
As we dive into the new year, we can see that the housing market is not slowing down. The demand continues to increase as well as the home value.