However, Martell said that the strong price growth is likely to moderate over the coming months as many buyers take a break for the holidays. CoreLogic also expects home price gains to decelerate to a 2.5% annual increase by October 2022 as affordability and economic concerns deter some potential buyers and additional for-sale inventory becomes available.
Read next: Nerdwallet on first-time homebuyers
Price growth of detached properties (19.5%) was 6.6 percentage points higher than that of attached properties (12.9%).
“Single-family detached houses remain the preferred home for buyers during the pandemic,” said Frank Nothaft, chief economist at CoreLogic. “This is reflected in the 19.5% annual price rise for detached houses, which marks another record-high for the CoreLogic Home Price Index.”
Twin Falls, Idaho, reported the highest year-over-year increase at 35.8%. Naples, Fla. followed closely at 33.5%.