CoreLogic’s Home Price Index showed that home prices nationwide rose a strong 1.2% in March after rising 0.7% in February, showing that home price appreciation is not just continuing – it’s accelerating. Prices are also 5.3% higher when compared to March of last year.
CoreLogic forecasts that home prices will rise 0.8% in April and 3.7% in the year going forward, though their forecasts are typically on the conservative side so we may see even greater levels of appreciation. For example, CoreLogic had forecasted that prices would rise 0.4% in March, and last week’s report showed we tripled that amount. They had also forecasted that we would see 3% appreciation in 2023 but we saw 5.5%.
Black Knight also reported that national home values rose 1.2% in March, with their index showing that prices are 5.6% higher than a year ago.
What’s the bottom line? The latest rise in home prices reported by CoreLogic and Black Knight echoes the strong growth seen by other major indices like Case-Shiller and the Federal Housing Finance Agency. These reports continue to demonstrate why homeownership remains a good opportunity for building wealth through real estate.