House prices soared to yet another record high in April, according to the report. Latest report From CoreLogic.
Home prices soared 20.9% each year in April, with annual home prices rising for 123 consecutive months, or more than 10 years., According to the CoreLogic Home Price Index (HPI). Approximately 70% of homes sold above the asking price during the home buying season this spring.
“The record rise in home prices, coupled with enthusiastic buyers who want to buy before mortgage rates rise, is a shortage of inventory for sale,” said Patrick Dodd, President and CEO of CoreLogic. It’s a result. ” “Most buyers who closed their homes in April fixed their mortgage rates in February or March, when interest rates were lower than they are today.”
If you are interested in getting equity from your home in the midst of these record home price increases, you can consider refinancing your mortgage. Visit Credible to find personalized interest rates Without affecting your credit score.
House price growth is likely to slow over next year
Home prices have skyrocketed recently, according to CoreLogic’s HPI forecast, but this growth could slow significantly over the next year as mortgage rates rise. As home buyer demand slows in the coming months, annual home price growth is projected to drop to 5.6% by April 2023.
Mortgage rates have risen sharply from below 3% as of April 2021 to over 5% by the end of April this year. Data from Freddie Mac.. Due to the high interest rates on mortgages, monthly mortgage payments have increased by 55% on median homes purchased this year compared to homes purchased last year. Realtor.com.. This will add $ 695 to your monthly expenses.
“Currently, 30-year fixed mortgage rates are much higher, and affordability is declining, so buyer activity is expected to decline,” said Dodd. “As a result, our forecast is to slow down price increases next year.”
If you want to take advantage of today’s rising home prices, you can consider refinancing your cash-out mortgage to repay your debt or fund a home renovation project. Visit Credible to compare multiple mortgage lenders at once And choose the one with the best interest rate for you.
House prices are the highest in these cities
According to CoreLogic, average annual home price increases across the United States were 20.9% in April and 2.6% on a monthly basis. However, the rate of increase in housing prices varies greatly depending on the housing market in each metropolitan area.
Similar to March data, Tampa, Florida showed the highest annual home price increase among the 20 largest metropolitan areas in the United States in April, with an annual increase of 33.1%. Phoenix came in second with an annual profit of 29.7%.
Meanwhile, home price growth in New York was well below average, reaching 9.8% annually. And at the state level, Florida, Arizona and Tennessee recorded the highest annual profits in April.
If your home price is soaring in your area and you want to receive cash from the rising value of your home, you can consider refinancing your cash out. To see if this is the right option for you Contact Credible to talk to a mortgage expert Ask them to answer all the questions.
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