Home prices nationwide increased year over year by 18.3% in June 2022

Home prices nationwide, including distressed sales, increased year over year by 18.3% in June 2022 compared with June 2021. On a month-over-month basis, home prices increased by 0.6% in June 2022 compared with May 2022.

The CoreLogic HPI Forecast indicates that home prices will increase on a month-over-month basis by 0.6% from June 2022 to July 2022 and on a year-over-year basis by 4.3% from June 2022 to June 2023.

Economic Impact on Home Prices
Nationwide, home prices grew by 18.3% from June 2021, marking the 125th consecutive month of year-over-year increases. Though annual appreciation was still strong, it slowed from the previous month for the second consecutive month, reflecting reduced buyer demand in part due to higher mortgage rates and worries about a slowing economy. CoreLogic projects that year-over-year appreciation will drop to 4.3% by June 2023, bringing home price growth close to the long run average from 2010 to 2020.

HPI National and State Maps – June 2022
The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.

Nationally, home prices increased 18.3% year over year in June. No states posted an annual decline in home prices. The states with the highest increases year over year were Florida (31.8%), Tennessee (25.8%) and Arizona (24.9%).