According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 2% in April 2023. On a month-over-month basis, home prices declined by 1.2% in April compared with March 2023. CoreLogic predicts that home prices will increase on a month-over-month basis by 0.9% from April 2023 to May 2023 and on a year-over-year basis by 4.6% from April 2023 to April 2024.
“While mortgage rate volatility continues to cause buyer hesitation, the lack of for-sale homes is putting firm pressure on prices this spring, leading to above-average seasonal monthly gains and a rebound in home prices in most markets.Nevertheless, the recent surge in mortgage rates and continued inflation issues suggest that rates may remain elevated, leading home price appreciation to possibly relax this summer and return to average seasonal gains later in 2023….Still, while slim inventory is pushing prices up once again and constraining affordability…” Said Selma Hepp, Chief Economist for CoreLogic.
Click here to read the full report at CoreLogic.
