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Nationwide housing prices take record jump

Home prices skyrocket

U.S. home prices rose 18.1 percent in November year-over-year, according to data released last week.

Month-over-month, home prices rose a solid 1.3 percent, as one of the hottest years for home price drew to a close, Irvine-based CoreLogic report.

Home prices are expected to continue to grow this year, but at a slower pace than 2021: by November, the rate of growth is expected to slow by 2.8 percent.

“Over the past year, we have seen one of the most robust seller’s markets in a generation,” said Frank Martell, CoreLogic’s president and chief executive officer, in a statement. “While increased interest rates may help cool down home buying activity, we expect 2022 to be another strong year with continuing upward price growth.”

Affordability will also remain a problem in 2022, as economic growth and inflation will likely lead to higher mortgage rates, CoreLogic reported.

In the Inland Empire, single-family home prices rose 23.6 percent in November compared with November 2020, not counting distressed properties, CoreLogic reported.

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