Price appreciation jumped 4.9% annually in June and 1% month-over-month, according to CoreLogic's Home Price Index. While falling short of the 5.2% bump
June’s annual increase was also a gain from the respective year-ago price growth rate of 3.6%. With the coronavirus negatively impacting the economy, the data provider predicts prices to climb only 0.1% into July and to fall 1% by June 2021. Since bottoming out in March 2011, the HPI grew 68.3% and rose on an annual basis every month since February 2012.
"Home price appreciation continues at a solid pace reflecting
With the exception of South Dakota declining 1.1%, every state posted annual increases in average home prices. Idaho's 10.5% growth led the nation, followed by 9.8% in Montana, and 8.5% in both Arizona and Missouri. Among the 10 largest metro areas, Washington, D.C. grew the most annually at a 4.8% rate, trailed by 4.5% in San Diego and 4.4% in Houston. Only San Francisco prices regressed, edging down 0.2%.
Housing markets heavily reliant on entertainment, tourism and hospitality are forecast to have hardships going ahead to next year. CoreLogic expects Las Vegas home prices to drop 11.3% by June 2021, while places like Lake Havasu, Ariz. — where coronavirus cases have resurged most — face the greatest risk of falling housing values.