Among U.S. states, Arizona led the nation last year in home price gains, according to CoreLogic.

It said Arizona home prices increased 28.3% from January 2021 to January 2022. Florida was a close second (27.9%) with Utah, Nevada and Tennessee experiencing 25% increases. Nationally, it was 19%, the biggest jump since the company began analyzing data 45 years ago. 

“In December and January, for-sale inventory continued to be the lowest we have seen in a generation,” Dr. Frank Nothaft, chief economist at CoreLogic said in a press release. 

CoreLogic predicts rising mortgage rates will make it harder for more people to buy, which will lead to price gains slowing, but staying in the double digits through at least July. CoreLogic forecasts price increases will slow to 3.8% by January 2023.

Two Arizona metro areas top the list of markets at risk of home price declines over the next 12 months. CoreLogic lists Lake Havasu-Kingman as having a "very high" and Prescott as having a "high" probability of price drops.