Home Prices Continue to Rise

CoreLogic released their Home Price Index (HPI) for the month of December, and it showed that home prices across that nation increased by 4% from December 2018 to December 2019.  Yes, there are pockets of the US where the HPI is higher or lower, but this report explained that not one state had an annual decline in price appreciation. 

Increasing home appreciation is due to elevated levels of purchasing demand, which is very strong especially within the millennial generation. Speaking of millennials, 79% of younger millennials express a desire to purchase a home in the future.  According to CoreLogic’s report, homeownership rates nearly double for millennials when they exit their twenties and reach their thirties.

Frank Martell, President and CEO of CoreLogic said, “On a national level, home prices are on an upswing.  Price growth is likely to accelerate in 2020.  And while demand for homeownership has continued to increase for millennials, particularly those in their thirties, 74% admit they have had to make significant financial sacrifices to afford a home.  This could become an even bigger factor as home prices reach new heights during 2020.”

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