The record-breaking growth has raised concerns about whether the market is currently in a housing bubble. But CoreLogic Market Risk Indicators suggest there’s only a small chance that prices nationwide may moderate this year.

Still, the CoreLogic HPI Forecast shows the national annual price appreciation steadily slowing over 2022. It’s expected to hover above 10% during the first few months while decelerating each month to a 12-month rise of 3.5% by December.

“Much of what we’ve seen in the run-up of home prices over the last year has been the result of a perfect storm of supply and demand pressures,” said CoreLogic chief economist Frank Nothaft. “As we move further into 2022, economic factors – such as new home building and a rise in mortgage rates – are in motion to help relieve some of this pressure and steadily temper the rapid home price acceleration seen in 2021.”

Naples, Fla. posted the highest annual increase in December at 37.6%, followed by Gorda, Fla. at 35.7%.