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Millennials Driving Home Prices; Entry Level Homes See Greatest Gains

Posted To: MND NewsWire

Another home price index shows double digit annual price increases, this time for March, and the CoreLogic HPI also has the highest month-over-month gain we have seen in the present environment. The company says there was an 11.3 percent national rate of appreciation during the month while prices were up 2.0 percent from February. There were no states in which prices declined year-over-year, and those with the highest rates included Idaho (25 percent), Montana (18.8 percent), and Arizona (18 percent). The company says the 2021 spring homebuying season is on track to outpace trends seen in 2019 and 2018. Millennials are driving the demand, accounting for 54 percent of home purchase applications over the last year. "Older millennials are seeking move-up purchases and younger millennials…(read more)

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