According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 13.5% in August 2022. On a month-over-month basis, home prices declined by 0.7% in August compared with July 2022. CoreLogic predicts that home prices will not increase on a month-over-month basis from August to September 2022, however, on a year-over-year basis they’re forecasting a 3.2% increase through August 2023.
“The increased cost of homeownership has dampened buyer demand and caused prices to decelerate at a faster pace than initially expected. Housing markets on the West Coast and in the Mountain West, as well as second-home markets, recorded particularly strong price growth in the summer of 2021 but were the first to see month-over-month price declines during the same period this year…” Said Selma Hepp, Interim Lead, Deputy Chief Economist for CoreLogic.
Click here to read the full report at CoreLogic.
