According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased 15.8% year-over-year in July. However, on a month-over-month basis, home prices decreased by 0.3% in July compared with June. CoreLogic’s HPI Forecast predicts home prices will increase on a year-over-year basis by 3.8% from July 2022 to July 2023.
“Following June’s surge in mortgage rates and the resulting dampening effect on housing demand, price growth is taking a decisive turn. And even though annual price growth remains in double digits, the month-over-month decline suggests further deceleration on the horizon. The higher cost of homeownership has clearly eroded affordability, as inflation-adjusted monthly mortgage expenses are now even higher than they were at their former peak in 2006.” Said Selma Hepp – Interim Lead, Deputy Chief Economist for CoreLogic