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

    • Origination
    • Servicing
    • Appraisal
    • Commercial Property Tax

    Insurance

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

    Mortgage Lenders

    • 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 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

    • Origination
    • Servicing
    • Appraisal
    • Commercial Property Tax
  • Insurance

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

    • 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 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 Were at a 15-Year High in March

ABOUT THE AUTHOR
Molly Boesel
Molly Boesel
Principal, Economist, Office of the Chief Economist
View Profile
  • May 4, 2021

Home Price Gains Were at a 15-Year High in March

Home Price Index Highlights: March 2021

  • National home prices increased 11.3% year over year in March.
  • Idaho had the highest year-over-year increase in March at 25%, double the rate from a year ago.

Overall HPI Growth

National home prices increased 11.3% year over year in March 2021, according to the latest CoreLogic Home Price Index (HPI®) Report. The March 2021 HPI gain was up from the March 2020 gain of 4.6% and was the highest year-over-year gain since March 2006. Low mortgage rates and low for-sale inventory drove the increase in home prices. A pick-up in construction and an increase in for-sale listings as more homeowners get vaccinated may help moderate surging home price growth.

HPI Growth by Price Tier

CoreLogic analyzes four individual home-price tiers that are calculated relative to the median national home sale price[1]. Home price growth accelerated for all four price tiers to the highest rates since 2005 for the low-price tier and since 2006 for the other three price tiers. The lowest price tier increased 15.1% year over year in March 2021, compared with 13.3% for the low- to middle-price tier, 13% for the middle- to moderate-price tier, and 12.2% for the high-price tier. While in short supply, entry-level homes are in high demand by first-time buyers, leading to affordability pressures for these buyers.

State-Level Results

Figure 2 shows the year-over-year HPI growth in March 2021 for the 5 highest- and lowest-appreciating states. All states showed annual increases in HPI in March, and Idaho was the clear leader with appreciation of 25%, double the rate of appreciation from a year earlier. Population growth and strong employment growth have been factors in the surge in home price appreciation in Idaho.

At the low end, Washington, D.C., saw a home price increase of 4.1%. The surge in home price appreciation was felt across the country, with all states showing higher appreciation in March 2021 than in March 2020.

Connecticut and Montana had the biggest acceleration in home price growth from March 2020 to March 2021. Connecticut is notable because prices increased by just 0.8% in this state in March 2020 but increased by 15.2% in March 2021. This turnaround can be partly attributed to an influx of buyers from metropolitan areas in nearby states.

Home price gains in March 2021 were the highest in 15 years, 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. Increases in construction and for-sale listings expected this year may moderate home price increases by early 2022.  For more information on home price insights and trends, check out our latest HPI Report.

© 2021 CoreLogic, Inc. All rights reserved

[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).

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

Related Posts

mississippi tornadoes
Blogs

March 24 EF-4 Tornado in Mississippi

CoreLogic estimates over 4,100 homes were within the path of the tornado that hit Mississippi on March 24, 2023.

March 29, 2023
California Atmospheric Rivers
Core Conversations

What Was it Really Like to Live Through the California Floods? Our Team Spills | Part 2

In Part 2, host Maiclaire Bolton Smith talks about the atmospheric rivers and the snow that has made headlines and headway in altering California’s natural hazard landscape.

March 29, 2023
CSI_Promo_Mar2023
Blogs

US CoreLogic S&P Case-Shiller Index Gain Slows to Pre-Pandemic Low, Up by 3.8% Year Over Year in January

The index continued to decline year over year in January, again posting a single-digit gain.

March 28, 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
  • 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