CoreLogic Pending Index Indicates Annual Price Growth Accelerated in August and September
The latest CoreLogic® Home Price Index (HPI) for the U.S. recorded an acceleration in annual price growth to 5.5% for July, about two percentage points faster than the prior July – despite much higher unemployment.
The gain reflected rising demand and a supply shortage; Record low mortgage rates fueled homebuyer activity, especially for first-time buyers, and the health risks engendered by the pandemic persuaded many older home sellers to delay their listing to a later, healthier time.
Most of the home prices captured in the July report were from transactions negotiated in June or May since it can take a month or two to settle and record a transaction.
CoreLogic has developed a Pending Price Index using MLS data. The index is built on the price recorded on the contract date rather than the price on the closing date. Since it takes generally 30 to 45 days to close a sale, contracts negotiated in July and August can be used to project August and September home prices, which will give insight into the ongoing housing market recovery. The latest CoreLogic Pending Index indicates annual price growth will likely continue its acceleration in August and September...
