US home prices post another double-digit increase

In February, Naples, Fla., registered the highest annual home price increase at 41.4%. Cape Coral, Fla., followed closely with a 40% yearly gain. By contrast, two metros in upstate New York posted the lowest price appreciation in the country: Ithaca (5.2%) and Elmira (3%).

“New listings have not kept up with the large number of families looking to buy, leading to homes selling quickly and often above list price,” said CoreLogic chief economist Frank Nothaft. “This imbalance between an insufficient number of owners looking to sell relative to buyers searching for a home has led to the record appreciation of the past 12 months.”

The CoreLogic HPI Forecast expects national year-over-year appreciation to decelerate to 5% by February 2023.

Read more: US mortgage rates skyrocket to over three-year high

“Higher prices and mortgage rates erode buyer affordability and should dampen demand in the coming months, leading to the moderation in price growth in our forecast,” Nothaft explained.