Home prices grow at highest rate in 45 years

U.S home prices grew 18 percent year-over-year in October, the highest rate recorded in 45 years, according to data released today.

Despite that, growth in single-family home prices nationwide has slowed since April, and price growth is likely to continue to grow slowly for at least a few months, Irvine-based CoreLogic reported.

Between September and October, prices grew only 1.3 percent, down from 2.3 percent in April.

Nationwide, home prices are expected to grow 2.5 percent between October of this year and October 2022.

“New household formation, investor purchases and pandemic-related factors driving demand for the limited supply of available for-sale homes continues to propel the upward spiral of U.S. home prices,” said Frank Martell, CoreLogic’s president and chief executive officer, n thee statement. “However, we expect home price growth to moderate over the near term as many buyers take a break for the holidays.”

Single-family home prices in the Inland Empire grew nearly 25 percent between October 2020 and October 2021, according to CoreLogic.