Annual home price growth remained in double digits in September even as home sales and purchase mortgage volume continued their months’ long declines. The CoreLogic Home Price Index (HPI), the earliest look each month at prices two months prior, rose by 11.4 percent in September 2022 compared with the same month in 2021 . While appreciation remains high, even in the face of skyrocketing mortgage rates, they have declined significantly from the annual pace in both March and April of 20.9 percent. Month-over-month changes turned negative in July. From August to September the growth rate declined by 0.5 percent. Selma Hepp, CoreLogic’s Deputy Chief Economist said,” The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potential local homebuyers. On the West Coast and in Mountain-West states, home prices are slowing from this spring’s high but remain elevated from a year ago. By contrast, markets that continue to see an in-migration of higher-income households are still experiencing home price gains that are notably higher than the national rate of appreciation.” CoreLogic said the states in the Southeast may be the beneficiaries of this out-migration. Home prices in more expensive states on the West Coast and in the Northeast are likely fueling homebuyer enthusiasm for properties in relatively more affordable areas . Florida has led the nation in home price growth for eight consecutive months.
Related Articles
Home price signals point to flat growth
Inventory increases aren’t occurring at a super fast pace, but the number of homes on the market across the country keeps expanding. As mortgage rates stay elevated and the number of unsold homes on […]
Mixed Results on YoY Home Price Appreciation
July 28, 2023
Mark Paul Cervantes
Mortage News
Comments Off on Mixed Results on YoY Home Price Appreciation
The S&P CoreLogic Case-Shiller Indices posted an annual decline in home prices for the second straight month in May while the Housing Price Index provided by the Federal Housing Finance Agency (FHFA) continues to show […]
Home Prices Eroded Further in October
Annual home price increases fell back into single digits in October. Both the S&P CoreLogic Case-Shiller and Federal Housing Finance Agency’s (FHFA’s) Home Price Index reported that rising interest rates have essentially ended two years […]