by Calculated Risk on 12/03/2024 01:13:00 PM
Notes: This CoreLogic House Price Index report is for October. The recent Case-Shiller index release was for September. The CoreLogic HPI is a three-month weighted average and is not seasonally adjusted (NSA).
From CoreLogic: CoreLogic: Annual Home Price Growth Stalls in October
• On an annual basis, home prices rose by 3.4% in October and are projected to slow to 2.4% by the same time next year. On a monthly basis, home prices rose just 0.02% from September.
• Chicago beat Miami as the metro with the highest home price gain at 6.4%, compared with Miami’s 6.2%.
• New Jersey outpaced Rhode Island for annual home price growth, recording an 8.1% lift compared with Rhode Island’s 7.5% uptick. Both states reached new highs in October.
…
U.S. home price growth remained almost unchanged in October from the previous month, recording 3.4% year-over year-growth and a 0.02% increase from September. The stagnation highlights the fact that home price growth has remained relatively flat since this summer, only eking out gains in certain pockets of the country.
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“Similar to much of the housing market activity, home prices continued to mostly move sideways in October,” said CoreLogic Chief Economist Dr. Selma Hepp. “A slight home price bump after a late summer decline reflects the rebound in home buying demand resulting from a short but effective decline in mortgage rates in August. Still, as we continue to bump along during this slower time of the year for the housing market, home prices are not expected to reveal much about what’s ahead for the spring home buying market. In the last few years though, springtime has seen home prices jump higher than before the pandemic despite elevated mortgage rates.”
emphasis added
This was the same YoY increase as reported for September.
This map is from the report.
Nationally, home prices increased by 3.4% year over year in October. The state of Hawaii was the only state to post an annual home price decline. The states with the highest increases year over year were New Jersey (up by 8.1%) and Rhode Island (up by 7.5%).
