According to the latest CoreLogic Home Price Insights (HPI) report, home price growth slowed for the 12th straight month in May, falling to a 1.4% increase year over year. CoreLogic said the last time their Home Price index saw annual growth fall to less than 2% was in early 2012. However, price appreciation still remained positive for the 136th straight month in May. In addition, their forecast indicates that home prices will increase on a month-over-month basis by 1% from May 2023 to June 2023 and increase on a year-over-year basis by 4.5% from May 2023 to May 2024.
“After peaking in the spring of 2022, annual home price deceleration continued in May. Despite slowing year-over-year price growth, the recent momentum in monthly price gains continues in the face of recent mortgage rates increases.” Said Selma Hepp, Chief Economist for CoreLogic