by Calculated Risk on 12/05/2023 08:00:00 AM

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: US Home Price Growth Continues Slow But Steady Increase in October, CoreLogic Reports

• U.S. single-family home prices increased by 4.7% year over year in September, the 141st straight month of annual appreciation.

• CoreLogic projects that annual home price growth will relax to 2.9% by October 2024.

• Northeastern states again led the country for annual appreciation in October, while four Western states saw slight losses.
...
U.S. single-family home price growth continued to increase modestly in October, posting a 4.7% year over-year increase. On a regional level, the Northeast again showed the biggest price rebound. The top five states with the highest annual appreciation in October are in that area of the country, with growth ranging from 10.3% in Connecticut to 9.3% in Maine and New Hampshire. The Northeast could be enjoying renewed home price gains in part due to a largely hybrid American workforce, in which employees need to be relatively close to major urban areas to allow for commutes to the office a few times per week.

“Home price growth maintained its upward momentum in October, which continues to reflect gains from the strong spring season and contrasts with last year's home price declines,” said Dr. Selma Hepp, chief economist for CoreLogic. “But even with high mortgage rates, October's price gains line up with historical trends and speak to the strength of some potential buyers’ purchasing power, as they continue to outnumber available homes for sale. Metros that are seeing relatively stronger price gains are those with higher job growth, as well as those with an influx of higher-income, in-migrating households.”
emphasis added