CoreLogic Insights Blog
The CoreLogic Home Price Index for April 2020 shows U.S. home prices increased 5.4% year over year, an acceleration in growth from the prior month and prior year. In response to the pandemic, for-sale inventory shrank, especially for lower-priced homes, which helped push up home price growth. Economic data shows that the U.S. entered a recession in March and the unemployment rate rose to the highest level in 80 years in April, both of which should impact the housing market. The CoreLogic HPI forecast predicts a year-over-year decrease of 1.3% in home prices, which would be the first decrease in over 9 years.
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