CoreLogic forecast predicts relief for home buyers soon

CoreLogic forecast predicts relief for home buyers soon

CoreLogic forecast predicts relief for home buyers soon
Although home prices are still climbing across the nation, a new forecast from CoreLogic on home prices says that some relief for buyers may be coming soon. Home prices climbed 2.3 percent from May to June and are a staggering 17.2 percent higher than they were a year ago. In San Diego, the year-over-year growth was 23.4 percent. But price gains could see a slow down over the next year as the affordability crunch plaguing potential home buyers changes the imbalance between supply and demand.

“Home prices have been rising in the mid single-digits for some years now, and the recent surge to double digit price jumps reflect the convergence of exceptional demand [and] persistent low supply,” said Frank Marshall, CEO and president of CoreLogic. “Affordability will become a more acute issue for the foreseeable future.”

The annual rate of price increases is expected to slow to just 3.2 percent in 2022, nationwide. In San Diego, the CoreLogic forecast says prices are expected to climb 11.5 percent.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

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