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Home prices remain high

U.S. home prices reached their highest annual gain in nearly 15 years in February, as demand continues to overwhelm supply.

Nationwide, the price of a single-family home rose 10.4 percent last month compared with February 2020, the largest year-over-year increase since April 2006, Irvine-based CoreLogic reported today.

Home prices are expected to rise 3.2 percent by February 2022.

Between February and January, home prices rose 1.2 percent.

“Homebuyers are experiencing the most competitive housing market we’ve seen since the Great Recession,” said Frank Martell, president and chief executive officer of CoreLogic, in a statement. “Rising mortgage rates and severe supply constraints are pushing already-overheated home prices out of reach for some prospective buyers, especially in more expensive metro areas. As affordability challenges persist, we may see more potential homebuyers priced out of the market.”

In the Inland Empire, home prices rose 13.3 percent between February of this year and February 2020, CoreLogic reported.

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