U.S. Winter Season Maintains Fall Season Strength, Radian Home Price Index Reveals

In February, home prices across the United States rose at a faster pace than the month prior (January 2021) and continued to appreciate at higher than 2020 average monthly rates. According to Radian Home Price Index (HPI) data released today by Red Bell Real Estate, LLC, a Radian Group Inc. company (NYSE: RDN), home prices nationally rose from the end of January 2021 to the end of February 2021 at an annualized rate of 8.2 percent. The company believes the Radian HPI is the most comprehensive and timely measure of U.S. housing market prices and conditions available in the market today.

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Radian Home Price Index (HPI) Infographic March 2021 (Graphic: Business Wire)

February 2020 was the last month before pandemic-related shutdowns were implemented nationally. One year past that transition, home prices have shown tremendous resiliency in aggregate. The Radian HPI rose 8.3 percent year-over-year (February 2020 to February 2021). In comparison, the year-over-year period from February 2019 through February 2020 recorded a 7.4 percent increase in home prices nationally. The Radian HPI is calculated based on the estimated values of more than 70 million unique addresses each month, covering all single-family property types and geographies.

“It is crystal clear that home values have withstood the most severe pandemic in generations. While the general economy struggled and unemployment rose, millions of Americans saw their property wealth increase during a time of great personal and economic stress,” noted Steve Gaenzler, SVP of Data and Analytics. The average homeowner in the U.S. gained more than $20,000 in wealth last year due to strong home price appreciation. “Markets large and small across the country have proven that homeownership can be a wealth creator that supports the “American Dream,” even in challenging times,” added Gaenzler.

NATIONAL DATA AND TRENDS

• Median home price in the U.S. rose to $272,186
• Home prices rose an annualized 9.3 percent over the last six months

Nationally, the median estimated price for single-family and condominium homes rose to $272,186, representing a more than $20,800 increase over the $251,384 median estimate at the end of February 2020. Across the U.S., home prices nationally rose 9.3 percent over the last six months, a strong increase over the prior six-month appreciation rate of just 6.9 percent.