Home prices see record growth during pandemic

According to the real estate research firm CoreLogic, annual home price growth during the pandemic was the most the group had ever seen in its 45 years of tracking home prices. Since the World Health Organization first declared a pandemic in March of 2020, home prices have risen dramatically. CoreLogic reports that median home prices across the United States increased by 18 percent between July 2020 and July 2021. The increase was even more significant in Canada, where data from the Canadian Real Estate Association indicated home prices had risen by more than 38 percent between 2020 and 2021. Such increases were welcome news for individuals who already owned their homes, but many individuals who did not found themselves priced out of the market. The good news for potential home buyers is that median home prices are not expected to increase as much in 2022 as they have since the onset of the pandemic. In fact, CoreLogic forecasted a 2.7 percent appreciation between July 2021 and July 2022.