CoreLogic reported that in January existing home prices soared 19.1% year-over-year.
Despite severe inventory constraints home buyers continue to pour into the market, driving prices up to new record levels. Most likely with the concern that interest rates would soon be rising in the anticipation of fed raises, buyers were forced to bid-up homes.
According to CoreLogic prices continue to rise due to the historic limited supply, which has not been seen in a generation. A number of states reported over 20% increases year-over-year, such as Texas, Florida, Georgia, South Carolina, North Carolina and Tennessee.
Several of the Metro areas also reported some significant increases including San Diego, Las Vegas, Phoenix and Denver, which reported 23.3%, 25.2%, 30.2% and 19.1%, respectively.
CoreLogic also reported a number of Northeast regions that had a 25 to 50% probability of a price decline, which included Bridgeport-Stamford-Norwalk, Connecticut and Hartford, West Hartford and East Hartford, Connecticut. 
CoreLogic does not expect the year-over-year increases in the price for existing homes to rise above 3.8% from January 2022 to January 2023.
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