Residential News » Irvine Edition | By Michael Gerrity | March 1, 2022 8:52 AM ET
Nationwide home price appreciation reaches 19.1% in January
Based on CoreLogic's latest CoreLogic Home Price Index for January 2022, U.S. consumers looking to purchase a home have remained optimistic moving into the new year, with more expecting to buy over the next six months as rapid home price appreciation is forecasted to slow. Despite market and economic challenges such as low inventory, continued buyer competition and declining affordability, potential buyers are ready to move while mortgage rates remain relatively low.
"In December and January, for-sale inventory continued to be the lowest we have seen in a generation," said Dr. Frank Nothaft, chief economist at CoreLogic. "Buyers have continued to bid prices up for the limited supply on the market. However, the rise in mortgage rates since January further eroded buyer affordability and is expected to slow price gains in coming months."
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