Price appreciation jumped 5.4%
Those figures increased from the respective year-ago gains of 3.6% and 1%. The data provider forecasts that prices will climb 0.3% in May from the April 2020 average.
All 50 states posted annual increases in average home price, but April 2020 marked the 22nd consecutive month of annual price growth below 6%. That streak could end this summer if
"Tight supply and pent-up demand,
The pandemic certainly magnified the
The amount of time homeowners remain in a property increased annually in April in all 50 metropolitan areas analyzed in a report by First American. The average length exceeded 12 years, with annual growth swelling from 7.6% in February to 8.5% in both March and April.
"As more homeowners were reluctant to list their homes for sale amid the pandemic, the
Forty percent of homes were overvalued in April, while 18% were undervalued and 42% were at value, according to CoreLogic's analysis of the 50 largest U.S. markets by housing stock.
The largest average price jumps came at 12% in Idaho, 8.3% in Arizona and 8% in both Indiana and Missouri. However, things may invert at the state level next year.
"If unemployment remains elevated in early 2021, then we can expect home prices to soften. Our forecast has home prices down in 12 months across 41 states," said Frank Nothaft, CoreLogic's chief economist.