According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 5.2% in November 2023, the strongest annual growth rate recorded since January 2023. CoreLogic says annual home price growth is projected to slow to 2.3% in the spring of 2024 before stabilizing for the rest of the year.
“Home price appreciation continued to push forward in November, despite the new highs in mortgage rates seen over the year…And while the annual growth reflects comparison with last year’s declines, seasonal gains remain in line with historical averages. However, in some metro areas, such as those in the Mountain West and the Northwest, higher interest rates are having a greater impact on homebuyers’ budgets, which is contributing to a larger seasonal slump.” Said Dr. Selma Hepp, chief economist for CoreLogic
Click here to read the full report at CoreLogic.
