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By Kelsey Ramirez<\/div><\/div>\n

CoreLogic\u2019s latest report notes high buyer demand amid a supply shortage. From Aug. to Sept., home prices rose 1.1% to reach a new high, but they may soon moderate.<\/span><\/span><\/p>\n<\/div>\n

MILWAUKEE \u2013 Following strong end-of-summer demand, home prices continued to surge entering the fall months, according to\u00a0CoreLogic\u2019s\u00a0latest Home Price Index (HPI) report.<\/span><\/span><\/p>\n

Prices rose 18% annually in September, the company reported, brought on by high demand amid a supply shortage. Home prices rose 1.1% from August to September, reaching a new record high. As a result, many homebuyers \u2013 especially first-time buyers \u2013 are being pushed out of the housing market.<\/span><\/span><\/p>\n

However, the price increase is good news for homeowners who are seeing consistent equity gains.<\/span><\/span><\/p>\n

Where homebuyers are purchasing homes could change<\/span><\/span><\/h3>\n
Millennials make up a large number of homebuyers in today\u2019s market, accounting for 67% of first-time homebuyer applications and 37% of repeat buyer applications in 2021, according to a\u00a0CoreLogic\u00a0study. As they increasingly take over the housing market, millennials are increasing housing demand in popular tech hubs like\u00a0Seattle, San Jose and\u00a0Austin,\u00a0CoreLogic\u00a0said.<\/span><\/span><\/p>\n
As the coronavirus pandemic subsides, the growing race to the suburbs seen over the past year could lessen, too.<\/span><\/span><\/p>\n
\u201cThe pandemic led prospective buyers to seek detached homes in communities with lower population density, such as suburbs and exurbs,\u201d\u00a0CoreLogic\u00a0President and CEO\u00a0Frank Martell\u00a0said. \u201cAs we head into 2022, we expect some moderation in the current pattern of flight away from urban cores as the pandemic wanes.\u201d<\/span><\/span><\/p>\n
High home prices could drop in Nov.<\/span><\/span><\/h3>\n
CoreLogic\u00a0explained that the heightened suburbs movement was a result of pandemic-induced remote working.<\/span><\/span><\/p>\n
\u201cRemote work has allowed many employees to buy homes further away from their office,\u201d\u00a0CoreLogic\u00a0Chief Economist\u00a0Frank Nothaft\u00a0said. \u201cThese homes are often in the suburbs or exurbs, where property prices and population density are lower and single-family detached housing more common.\u201d<\/span><\/span><\/p>\n
Home price gains to slow significantly over next year<\/span><\/span><\/h3>\n
Home prices have been growing at close to 20% annually, but that growth is expected to slow significantly over the next year,\u00a0CoreLogic\u00a0predicted in its HPI Forecast report. Such increases are projected to slow to an annual gain of 1.9% by\u00a0September 2022.<\/span><\/span><\/p>\n
In fact, some markets are even facing a high likelihood of home price declines over the next year.\u00a0Springfield, Massachusetts\u00a0and\u00a0Merced, California\u00a0each have a more than 70% likelihood of home price declines over the next 12 months,\u00a0CoreLogic\u00a0projects.<\/span><\/span><\/p>\n
Reading, Pennsylvania,\u00a0Worcester, Massachusetts\u00a0and\u00a0Norwich-New London, Connecticut each have a 50% to 70% likelihood of home price declines in the next year.<\/span><\/span><\/p>\n
Homeowners can take advantage of high home values now through a cash-out refinance.<\/span><\/span><\/p>\n
Copyright \u00a9 2021 Local TV LLC, WITI-TV, The Credible Money Expert, Kelsey Ramirez; all rights reserved.<\/span><\/span><\/p>\n<\/div><\/div>\n
Go to Source<\/a>
\nAuthor: marlam<\/p>\n","protected":false},"excerpt":{"rendered":"
By Kelsey Ramirez CoreLogic\u2019s latest report notes high buyer demand amid a supply shortage. From Aug. to Sept., home prices rose 1.1% to reach a new high, but they may soon moderate. MILWAUKEE \u2013 Following strong end-of-summer demand, home prices continued to surge entering the fall months, according to\u00a0CoreLogic\u2019s\u00a0latest Home Price Index (HPI) report. Prices rose 18% annually in September, the company reported, brought on by high demand amid a supply shortage. Home prices rose 1.1% from August to September, reaching a new record high. As a result, many homebuyers \u2013 especially first-time buyers \u2013 are being pushed out of the housing market. However, the price increase is good news for homeowners who are seeing consistent equity gains. Where homebuyers are purchasing homes could change Millennials make up a large number of homebuyers in today\u2019s market, accounting for 67% of first-time homebuyer applications and 37% of repeat buyer applications in 2021, according to a\u00a0CoreLogic\u00a0study. As they increasingly take over the housing market, millennials are increasing housing demand in popular tech hubs like\u00a0Seattle, San Jose and\u00a0Austin,\u00a0CoreLogic\u00a0said. As the coronavirus pandemic subsides, the growing race to the suburbs seen over the past year could lessen, too. \u201cThe pandemic led prospective buyers to seek detached homes in communities with lower population density, such as suburbs and exurbs,\u201d\u00a0CoreLogic\u00a0President and CEO\u00a0Frank Martell\u00a0said. \u201cAs we head into 2022, we expect some moderation in the current pattern of flight away from urban cores as the pandemic wanes.\u201d High home prices could drop in Nov. CoreLogic\u00a0explained that the heightened suburbs movement was a result of pandemic-induced remote working. \u201cRemote work has allowed many employees to buy homes further away from their office,\u201d\u00a0CoreLogic\u00a0Chief Economist\u00a0Frank Nothaft\u00a0said. \u201cThese homes are often in the suburbs or exurbs, where property prices and population density are lower and single-family detached housing more common.\u201d Home price gains to slow significantly over next year Home prices have been growing at close to 20% annually, but that growth is expected to slow significantly over the next year,\u00a0CoreLogic\u00a0predicted in its HPI Forecast report. Such increases are projected to slow to an annual gain of 1.9% by\u00a0September 2022. In fact, some markets are even facing a high likelihood of home price declines over the next year.\u00a0Springfield, Massachusetts\u00a0and\u00a0Merced, California\u00a0each have a more than 70% likelihood of home price declines over the next 12 months,\u00a0CoreLogic\u00a0projects. Reading, Pennsylvania,\u00a0Worcester, Massachusetts\u00a0and\u00a0Norwich-New London, Connecticut each have a 50% to 70% likelihood of home price declines in the next year. Homeowners can take advantage of high home values now through a cash-out refinance. Copyright \u00a9 2021 Local TV LLC, WITI-TV, The Credible Money Expert, Kelsey Ramirez; all rights reserved. Go to Source Author: marlam<\/p>\n","protected":false},"author":4,"featured_media":5783,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/5823"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=5823"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/5823\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/5783"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=5823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=5823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=5823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}