According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased 20.2% year-over-year in May. On a month-over-month basis, home prices increased by 1.8% in May compared with April. CoreLogic’s HPI Forecast predicts home prices will increase on a year-over-year basis by 5% from May 2022 to May 2023.
“Slowing home price growth reflects the dampening consequence of higher mortgage rates on housing demand, which was the intention. With monthly mortgage expenses up about 50% from only a few months ago, fewer buyers are now competing for continually limited inventory. And while annual home price growth still exceeds 20%, we expect to see a rapid deceleration in the rate of growth over the coming year…” – Selma Hepp Deputy Chief Economist for CoreLogic