U.S. home prices rose at the fastest clip in more than a decade in April.
Nationwide prices were up 13% from April 2020 levels, according to a new report by CoreLogic.
In the Dallas area, prices were up almost 11% last month compared with a year earlier.
Austin led Texas’ major metro areas with a more than 18% year-over-year home price gain. Houston had the smallest annual home price increase at just under 6% in April.
The recent spike in housing costs is blamed on a severe shortage of homes on the market — something that’s not likely to change in the near term.
“As older homeowners become more comfortable with listing their homes, they are faced with the reality that if they sell, they may get a smaller home for the same price as what they already have,” Frank Martell, president and CEO of CoreLogic, said in the report. “Rather than decreasing their financial burden and cashing out equity to support their retirement, baby boomers may choose to stay put, which could exacerbate inventory challenges.”
Among the major markets CoreLogic tracks, the largest home price increase was in the Phoenix area, where prices are up 20.7% from a year ago.
San Diego prices were up 16%.
Nationwide home prices rose at the fastest rate since 2006.
