U.S. home price growth surged a record 18 percent year over year in October to the highest growth rate in the 45-year history of CoreLogic’s Home Price Index.

While the rate of annual home price growth remained strong, month-over-month growth slowed to 1.3 percent, down from a peak of 2.3 percent last seen in April, indicating a gradual mellowing in the market in future months.

Detached home sales performed especially strong, with home price appreciation at another record 19.5 percent year over year, compared to 12.9 percent for attached properties, according to the index, released Tuesday.

“New household formation, investor purchases and pandemic-related factors driving demand for the limited supply of available for-sale homes continues to propel the upward spiral of U.S. home prices,” CoreLogic CEO and President Frank Martell said in a statement. “However, we expect home price growth to moderate over the near term as many buyers take a break for the holidays.”

CoreLogic reported that it also expects home price gains to slow down to just 2.5 percent by October 2022, with more buyers encountering affordability challenges, and additional inventory freeing up.

Twin Falls, Idaho experienced the largest annual increase in home prices at 35.8 percent.

Naples, Florida came in second for annual home price gains at growth of 33.5 percent, marking the first time in 2021 that Florida was a top state for home price growth.

Overall, the Mountain West saw the greatest gains, with Arizona posting annual price growth of 28.8 percent, Idaho 28.7 percent, and Utah 24.5 percent.

Email Lillian Dickerson

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