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CoreLogic’s Home Price Index (HPI) reports that home prices rose 4.1% annually in February. This represents an increase from February 2019’s gain of 4%.
The HPI has increased on a year-over-year basis every month since February 2012 and has gained 63.6% since March 2011.
The overall HPI was 10.1% higher than its pre-crisis peak in April 2006.
Homes in the lowest-price tier rose 6% annually in February, compared to 5.2% for the middle-price tier. The middle-to-moderate price tier saw home prices rise 4.5% and 3.6% for the high-price tier.
CoreLogic also reports that homes in the lowest-price tier since 2011 have gained 98.6%. Homes in the highest-price tier have gained 49.5% since 2011.
Idaho, once again, led the nation in annual appreciation at 11.4% in February. New Mexico was a closed second at just over 9%.
Connecticut was the only state to report home price decrease at 0.6%. Prices in 41 states, including the District of Columbia, have risen above their pre-crisis peaks.
Home prices in Connecticut during the month were the farthest below their all-time HPI high, but 18% below their July 2006 peak.
Utah reported the biggest dip in price growth, rising by 5.6% in February, which is a drop from the 10.6% gain in February 2019.
This report comes after realtor.com revealed the nation's inventory fell 15.7% year-over-year in March, which is faster than the 15.3% annual drop in February.
This equates to a loss of 191,000 listings compared to March 2019. Realtor.com added the year-over-year decline in inventory could be “softening,” which the report says could be an early indicator of slowing buyer activity due to COVID-19.
The volume of newly-listed properties in March fell by 6.4% since last year and for newly-listed properties for the week ending on March 28 fell by 34% annually—the biggest decline this year.
Housing inventory in the 50 largest U.S. metros declined by 17.1% year-over-year in March. The metro of Phoenix-Mesa-Scottsdale, Arizona, saw the largest decline in inventory at 42.2%. Only Minneapolis-St. Paul-Bloomington, MN-WI (3.6%) saw inventory increase over the year.
