CoreLogic Insights Blog
The CoreLogic Home Price Index for August 2020 shows U.S. home prices increased 5.9% year over year – the fastest increase since June 2018. Home prices are expected to slow over the next year as the U.S. recession drags on. Falling home prices were a feature of the four of the last six recessions. However, at six months in, the 2020 recession is following the path of the 2001 recession, which is the only other recession since 1980 with increasing home prices. Home prices experienced their biggest decrease in Great Recession that started in 2008, which was characterized by excess supply of homes for sale, which is not the case in today’s tight-supply housing market.
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