CoreLogic released January home price numbers and… well… crypto ain’t the only thing going to the moon:
Home prices nationwide, including distressed sales, increased year over year by 19.1% in January 2022 compared with January 2021. On a month-over-month basis, home prices increased by 1.4% in January 2022 compared with December 2021 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results).
19.1% YOY. Holy fuck. But this doesn’t make any sense to me:
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I assume this means CoreLogic thinks home prices will plummet the rest of the year? Curious how they’re getting to 3.8% for the year. Maybe they’re thinking that the announced interest rate hikes by the Fed will lead to massive drop in consumer demand. I’m gonna have to think about that some more, because I just don’t see it.
We haven’t even seen home prices slow the increases. Let’s see if Feb comes in below 19% YOY.
Housing, to the moon!
-rsh
