According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 4.7% in June 2024 compared with June 2023. On a month-over-month basis, home prices grew by 0.3% in June 2024 compared with May 2024. CoreLogic says this is the 149th consecutive month that the U.S. has seen year-over-year home price gains, however the pace of growth is continuing to cool. Indeed…
“Housing market activity essentially froze at the end of the spring homebuying season as high mortgage rates continued to compress affordability and dissuade potential homebuyers. The 0.3% gain in prices from the month before was less than half the increase seen between May and June prior to the pandemic, when the gains averaged 0.8%. In addition, cooling home prices continued to spread across more markets, and nine states reported a monthly decline, up from three states last month. The April surge in mortgage rates notably weighed on consumer sentiment, and consumers increasingly chose to respond to the anticipation of a lower mortgage rate environment later this year.” Said Dr. Selma Hepp, chief economist for CoreLogic.
Click here to read the full report at CoreLogic.
