Home Prices Appreciate 9.2% in 2020

CoreLogic released its December Home Price Insights report that found almost double-digit growth for the year and 1% appreciation for the month (CoreLogic)

National home prices increased 9.2% year over year in December 2020, according to the latest CoreLogic Home Price Index (HPI®) Report. The December 2020 HPI gain was up from the December 2019 gain of 4% and was the highest year-over-year gain since February 2014. Price appreciation averaged 5.7% for full year 2020, up from the 2019 full year average of 3.8%. Home price growth in 2020 started off at a modest 4.3% rate in the first quarter, but as the pandemic limited supply throughout 2020, home price growth picked up, ending the year with an increase of 8.3% for the fourth quarter. While home price growth is expected to slow during 2021, it will remain high in the first half of the year and average growth for this year is expected to climb to 6.9%.