According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 5.3% in March, 2024 – marking the 146th consecutive month of annual growth. CoreLogic prodecits that over the next 12 months, year-over-year home price gains are projected to range between 3.7% and 5.6%.
“Home prices increased again this March beyond the typical seasonal uptick, despite mortgage rates reaching this year’s high and the affordability crunch continuing to keep many prospective buyers on the sidelines…Even with the long-anticipated break in for-sale inventory, the surging cost of homeownership, further fueled by rising insurance and tax expenses, is holding potential home sales back, as is evident in the slow rise in sales compared with last year. These price pressures reflect the overall supply-and-demand mismatch, as well as continued interest from households with larger budgets. Said Dr. Selma Hepp, chief economist for CoreLogic.
Click here to read the full report at CoreLogic.
