June 2021 Home Price Index gain was the highest year-over-year gain since 1979

National home prices increased 17.2% year over year in June 2021, according to the latest CoreLogic Home Price Index Report (click). While affordability challenges intensify, low mortgage rates, rising savings and an improving labor market are helping to keep homeownership within reach for many prospective buyers. CoreLogic projects home price gains may slow over the next 12 months as demand moderates and for-sale inventory rises. Selma Hepp, CoreLogic Deputy Chief Economist, comments:
The imbalance between robust demand and dismal availability of for-sale homes has led to a continual bidding over asking prices, which reached record levels in recent months . . . . Nevertheless, with more new listings and new home construction, home price acceleration that has built momentum, and continues to reach new highs, will likely slow later this summer but remain in double digits.

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