2021 to see First Home Price Decline in 9 Years; Only Reason Rates Have Been Moving Lower

2021 to see First Home Price Decline in 9 Years; Only Reason Rates Have Been Moving Lower

CoreLogic's report on April home prices, the first for that month, says that despite fears that home prices would "bottom out like they did in the Great Recession," they continued to accelerate reaching their highest annual growth since August 2018. The U.S. CoreLogic HPI was up 5.4 percent compared to April 2019, with gains in all states and rose 1.4 percent compared to the previous month. Purchase activity, particularly among millennials, bounced back in April as the economy began to open back up. Gains were also driven by low inventory of homes especially at the entry level. Those plummeted by 25 percent on average nationally. However, the company cautions that the economic effects of the recession will continue to make themselves known over the next 12 to 18 months - and it expects that