SOUTHAMPTON, N.Y. — Nationally, home prices rose last year at the fastest pace since the 1970s, but the rate of growth is expected to slow between 2021 and 2022.
Prices rose 1.0 percent from April to May in the Nassau County-Suffolk County NY Metropolitan Division, according to the latest data from the S&P CoreLogic Case-Shiller Index, one of the leading trackers of the housing market. Prices are up 12.2 percent since June 2020.
Prices in the bottom third of the market in the Nassau County-Suffolk County NY Metropolitan Division — those priced under $489,000, often defined as starter homes — rose 15 percent year over year. The top third of the market (homes over $676,000) saw a 12 percent increase.
Nationally, prices rose 17.2 percent from June 2020 to 2021, according to the CoreLogic Home Price Index. Annual growth was the fastest on record since 1979.
Single-family home values rose 19.1 percent over the year, compared to 10.7 percent for attached properties such as condominiums.
Soaring home price gains are expected to ease next year, with a more modest 3.2% appreciation through June 2022, CoreLogic forecasts. Frustrated prospective buyers are waiting for the market to cool and the inventory for sale is expected to increase.
Suffolk County is part of the Nassau-Suffolk County Metropolitan Division of New York, a term used by the US Census Bureau to identify areas with strong economic ties. Many MSAs contain more than one county.
Editor's Note: This post was automatically generated using an analysis of Case-Shiller Index data by CoreLogic Inc. from the Associated Press. Please report any bugs or other feedback to content@patch.com.
