“The pandemic led prospective buyers to seek detached homes in communities with lower population density, such as suburbs and exurbs,” said Frank Martell, president and CEO of CoreLogic. “As we head into 2022, we expect some moderation in the current pattern of flight away from urban cores as the pandemic wanes.”
In September, home price growth of detached properties (19.6%) was 7.4% higher than that of attached properties (12.2%). Twin Falls, Idaho, posted the highest year-over-year price gain at 36.3%. At the state level, Idaho experienced the strongest price appreciation at 30.1%. Arizona and Utah followed at 29.6% and 26.2%, respectively.
Read next: Pending home sales decelerate as mortgage rates rise
CoreLogic’s HPI forecast projects home price gains to slow to a 1.9% pace by September 2022, as homebuying activity continues to decline due to ongoing affordability issues.