CoreLogic Insights Blog
The CoreLogic Home Price Index for September 2020 shows U.S. home prices increased 6.7% year over year – the fastest increase since May 2014. Accelerating home price growth remains very much a story of high demand meeting low supply. Buyers are motivated by record-low mortgage rates while prospective sellers postpone listing their homes, possibly until after the pandemic. The inventory of homes for sale fell to the lowest level recorded in September 2020 using data going back nearly 40 years. The national supply in September was 40% of that seen in September 2008 and 75% of that 20 years ago in September 2000. This severe inventory shortage has intensified upward pressure on home price appreciation as consumers compete for the limited number of homes on the market.
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