In 2021, people spent more on real estate than ever before. CoreLogic Economist Thomas Malone describes the underlying trends that led to record-breaking expenditures.
Investors’ recent acquisition spree showed its first signs of slowing down in the fourth quarter of 2021. After hitting historical peaks in the second and third quarters of 2021, the share of homes purchased by investors reached its zenith last October at 26.9% of total home sales
The Mountain-West region is the hottest housing market in the country, and according to the S&P CoreLogic Case-Shiller Home Price Index, Phoenix had the fastest year-over-year appreciation. Denver and Boise, Idaho, also showed up as desirable locations.
New home prices up less in 2021, but more over the last decade
Much like the record appreciation recorded in the CoreLogic Home Price Index, investor activity hit peaks previously unseen in CoreLogic data in the second quarter of 2021.
Is 2021 the hottest real estate market ever? According to the S&P CoreLogic Case-Shiller Home Price Index (HPI), annual U.S. appreciation rates from April to September have been at their highest since the inception of the index. CoreLogic’s public records data shows 2021 is easily on pace to be the first year where total residential housing transactions will exceed $2 trillion