Source: Scotsman Guide —
Nationwide home prices grew 20.9% year over year in April as buyers continue to race against increasing mortgage rates in an effort to fine affordable homes, according to CoreLogic.
The annual price gain in the company’s most recent Home Price Index (HPI) report marks the 123rd consecutive month of year-over-year increases. April’s yearly jump is yet another record high as the continued climb of rates pushed buyer urgency. Rising rates have thus far done little to deter price appreciation, which has cooled but remains strong, with 70% of homes selling for more than their asking price during the spring.
Patrick Dodd, president and CEO of CoreLogic, also pointed to the ongoing shortage of for-sale homes as another key driver of home-price increases.