Skyrocketing Home Prices Mark Biggest Gain in 40 Years
Home prices notched their biggest annual growth since 1979 in June, during an extra-hot summer for real estate, fueled by the ongoing COVID-19 pandemic.
Nationally, sale prices shot up 17.2% in June compared with a year ago, according to a recent report from real estate data provider CoreLogic. They rose 2.3% from May.
“When you start hitting historic highs, you wonder how long this is going to go,” says Selma Hepp, CoreLogic’s deputy chief economist. She estimates that home prices have likely peaked and will grow more slowly for the rest of the year. “Home prices have gotten out of reach for a lot of people.”