Chat
Chat with Sales Hours: Monday-Friday 8:30 a.m. - 4:30 p.m. (CST)
Contact Sales
Call Sales Toll-Free 1-(866) 774-3282 Hours: Monday-Friday 7 a.m. - 5 p.m. (CST)
Product Login
Product Log-in
Product Support
Product Support
Email Sales
Contact Sales
After Hours
  • Support
  • Sign In Sign In
  • AUS NZ UK
CoreLogic - Home
  • Solutions
    view solutions by:

    Data Solutions

    • Lead Generation
    • Property Data
    • Location Intelligence

    Real Estate

    • Multiple Listing Enterprise
    • Agent & Broker

    Mortgage

    • Point of Sale
    • Origination
    • Servicing
    • Appraisal
    • Commercial Property Tax

    Insurance

    • Hazard Risk
    • Catastrophe Risk Management
    • Risk Evaluation
    • Underwriting Automation
    • Weather
    • Claims Automation
    • Restoration

    Mortgage Lenders

    • Point of Sale
    • Origination

    Mortgage Servicers

    • Residential Property Tax
    • Default & Loss Mitigation
    • Portfolio Insight & Monitoring

    Mortgage Appraisers

    • Appraisal

    Real Estate Agents & Brokers

    • Agents & Brokers

    Real Estate MLS

    • Multiple Listing Enterprises

    Commercial Real Estate Owners

    • Commercial Property Tax

    Marketing Departments

    • Property Data

    Insurance Underwriters

    • Risk Evaluation
    • Underwriting Automation
    • Hazard Risk
    • Catastrophe Risk Management

    Insurance Risk Managers

    • Risk Evaluation
    • Hazard Risk
    • Catastrophe Risk Management

    Insurance Claims

    • Claims Automation
    • Restoration Contractors
    • Weather Verification

    Construction Contractors

    • Restoration Contractors

    General

    • Location Intelligence
    • Lead Generation
    • Data Solutions
  • Resources

    Reports

    • Climate Change
    • Construction Claims Bulletin
    • Construction Cost Update
    • Construction Insights
    • Home Price Insights
    • Homeowner Equity Insights
    • Loan Performance Insight
    • Mortgage Fraud
    • Property Tax Delinquency
    • Single-Family Rent Index

    Insight Blogs

    • Hazard HQ
    • Office of Chief Economist
    • Affordable Housing
    • Homebuying
    • Insurance
    • Other Articles

    More Resources

    • Events
    • Case Studies
    • White Papers
    • Podcasts
    • Quick Takes
  • Company
    • About
    • Leadership
    • Newsroom
    • Contact
    • Careers
  • Search
CoreLogic - Home
  • Solutions
  • Resources
  • Company

    • About
    • Leadership
    • Newsroom
    • Contact
    • Careers
  • Accounts

    • Products Sign-in
  • Contact

    • Sales Contact
    • Product Support
  • Regions

    • Australia
    • New Zealand
    • United Kingdom
  • Social

    • Facebook
    • Instagram
    • Linkedin
    • Twitter
    • Youtube
Solutions
VIEW BY:
  • Data Solutions

    • Lead Generation
    • Property Data
    • Location Intelligence
  • Real Estate

    • Multiple Listing Enterprise
    • Agent & Broker
  • Mortgage

    • Point of Sale
    • Origination
    • Servicing
    • Appraisal
    • Commercial Property Tax
  • Insurance

    • Hazard Risk
    • Catastrophe Risk Management
    • Risk Evaluation
    • Underwriting Automation
    • Weather
    • Claims Automation
    • Restoration
  • Mortgage Lenders

    • Point of Sale
    • Origination
  • Mortgage Servicers

    • Residential Property Tax
    • Default & Loss Mitigation
    • Portfolio Insight & Monitoring
  • Mortgage Appraisers

    • Appraisal
  • Real Estate Agents & Brokers

    • Agents & Brokers
  • Real Estate MLS

    • Multiple Listing Enterprises
  • Commercial Real Estate Owners

    • Commercial Property Tax
  • Marketing Departments

    • Property Data
  • Insurance Underwriters

    • Risk Evaluation
    • Underwriting Automation
    • Hazard Risk
    • Catastrophe Risk Management
  • Insurance Risk Managers

    • Risk Evaluation
    • Hazard Risk
    • Catastrophe Risk Management
  • Insurance Claims

    • Claims Automation
    • Restoration Contractors
    • Weather Verification
  • Construction Contractors

    • Restoration Contractors
  • General

    • Location Intelligence
    • Lead Generation
    • Data Solutions
Resources
  • Reports

    • Climate Change
    • Construction Claims Bulletin
    • Construction Cost Update
    • Construction Insights
    • Home Price Insights
    • Homeowner Equity Insights
    • Loan Performance Insight
    • Mortgage Fraud
    • Property Tax Delinquency
    • Single-Family Rent Index
  • Insight Blogs

    • Hazard HQ
    • Office of Chief Economist
    • Affordable Housing
    • Homebuying
    • Insurance
    • Other Articles
  • More Resources

    • Events
    • Case Studies
    • White Papers
    • Podcasts
    • Quick Takes

Home / Intelligence / Home Price Gains More Than Tripled Over the Past Year

ABOUT THE AUTHOR
Molly Boesel
Molly Boesel
Principal, Economist, Office of the Chief Economist
View Profile
  • July 6, 2021

Home Price Gains More Than Tripled Over the Past Year

Home Price Index Highlights: May 2021

  • National home prices increased 15.4% year over year in May.
  • Appreciation in Idaho topped 30% in May 2021, more than double the rate from May 2020.

Overall HPI Growth

National home prices increased 15.4% year over year in May 2021, according to the latest CoreLogic Home Price Index (HPI®) Report. The May 2021 HPI gain was up from the May 2020 gain of 4.2% and was the highest year-over-year gain since November 2005. Low mortgage rates and low for-sale inventory drove the increase in home prices. While a pick-up in construction and an increase in for-sale listings as more homeowners get vaccinated may help moderate surging home price growth, affordability challenges may drive some potential home buyers out of the market which could reduce demand.

HPI Growth by Price and Property Type Tiers

CoreLogic analyzes four individual home-price tiers that are calculated relative to the median national home sale price.[1] Home price growth accelerated to their highest rates for the low-price, the low-to-middle price, the middle-to high price and the high-price tiers since 1976, 2005, 1976 and 1978 respectively.[2] The lowest price tier increased 19.2% year over year in May 2021, compared with 17.6% for the low- to middle-price tier, 17.5% for the middle- to moderate-price tier, and 17.1% for the high-price tier. While appreciation was highest for lower-priced homes, the difference in appreciation rates for the four price tiers is converging, suggesting that supply is restricted at all prices levels.

CoreLogic also provides the HPI separately for detached — or freestanding — properties and attached properties (such as condos or townhouses). Appreciation of detached properties (17.2%) was almost double that of attached properties (9.1%) in May as prospective buyers continue to seek out more space.

Figure 1: Home Prices Accelerate at All Price Levels. Year-over-year change in HPI by price tier

State-Level Results

Figure 2 shows the year-over-year HPI growth in May 2021 for the 5 highest- and lowest-appreciating states. While all states showed annual increases in HPI in May, appreciation was strongest in the West. Idaho posted annual appreciation of 30.3% in May, followed by Arizona with appreciation of 23.5%. At the low end, North Dakota and New York saw a home price increases of 5.6%. The surge in home price appreciation was felt across the country, with all states showing higher appreciation in May 2021 than in May 2020. Idaho had the biggest acceleration in home price growth from May 2020 to May 2021. An influx of buyers in search of relatively less expensive housing drove prices 18.2 percentage points higher over the year in Idaho.

Figure 2: Appreciation was strongest in the West. States with the highest and lowest year-over-year change in HPI for May 2021

In May 2021, home prices rose by rates not seen since 2005, and strong gains are expected to persist for much of this year. A supply shortage of homes for sale is a major factor in the surge in HPI growth. Affordability challenges may discourage potential buyers, and this could work to moderate home price increases by mid-2022. For more information on home price insights and trends, check out our latest HPI Report.


1 The four price tiers are based on the median sale price and are as follows: homes priced at 75% or less of the median (low price), homes priced between 75% and 100% of the median (low-to-middle price), homes priced between 100% and 125% of the median (middle-to-moderate price) and homes priced greater than 125% of the median (high price).
2 The CoreLogic HPI series begins in 1976.

  • Category: Home Price Insights, Intelligence, Mortgage, Real Estate, Reports
  • Tags: Home Price Index, Home Value
ABOUT THE AUTHOR
Molly Boesel
Molly Boesel
Principal, Economist, Office of the Chief Economist
View Profile

Related Posts

Blogs

US Home Price Insights – December 2023

U.S. home price growth moved up again in October on an annual basis, with Northeastern states again posting the highest appreciation.

December 5, 2023
Two story single family home with a red door
Blogs

Loan Performance Insights – November 2023

Although 15 states saw small overall mortgage delinquency rates increase annually in September, national performance remains strong.

November 30, 2023
Drone photo of neighborhoods during the fall season looking towards the mountains.
Core Conversations

2023 Economic Look Back: A Tale of Two Housing Markets

In the season finale of Core Conversations, host Maiclaire Bolton Smith and CoreLogic Chief Economist Selma Hepp dive into a discussion about the dynamic landscape of the U.S. housing market in 2023.

November 29, 2023

About Corelogic

  • Newsroom
  • Leadership
  • Careers
  • Ethics & Compliance

Accounts

  • Products Sign-in

Contact

  • Sales Contact
  • Product Support

Regions

  • CoreLogic Australia
  • CoreLogic New Zealand
  • CoreLogic UK

Follow & Connect

  • Facebook
  • Instagram
  • Linkedin
  • X (Formerly Twitter)
  • YouTube
© 2023 CoreLogic. All rights reserved.
  • Legal
  • Privacy Policy
  • CCPA
  • Cookie Preferences
  • Security
  • Sitemap
  • Accessibility
  • Legal
  • Privacy Policy
  • CCPA
  • Cookie Preferences
  • Security
  • Sitemap
  • Accessibility