Read more: Lumber prices – what’s happening now?
Detached properties saw the highest price appreciation (19.8%) in August, 7.8% higher than attached properties (12%).
“Single-family detached homes continue to be in high demand,” said CoreLogic chief economist Frank Nothaft. “These properties offer more living space and distance from neighboring homes than that of attached properties. On average, detached homes have 28% more inside space compared to single-family attached properties and about twice as much space as apartments in multifamily structures.”
CoreLogic expects home price gains to decelerate to a 2.2% uptick by August 2022, as some potential buyers pull back from the market due to ongoing affordability challenges.
“We expect to see the trend of strong price gains continue indefinitely with large amounts of capital chasing too few assets,” Martell said.