U.S. home prices increased 1.3% in October compared with September and were up 18% compared with October 2020, however, the rate of appreciation slowed, according to CoreLogic’s home price index.
Annual home price growth was especially strong for detached residential properties, which have seen increased demand since the start of the pandemic.
“Single-family detached houses remain the preferred home for buyers during the pandemic,” says Frank Nothaft, chief economist at CoreLogic, in a statement.