by Calculated Risk on 1/09/2024 08:00:00 AM

Notes: This CoreLogic House Price Index report is for November. The recent Case-Shiller index release was for October. The CoreLogic HPI is a three-month weighted average and is not seasonally adjusted (NSA).

From CoreLogic: CoreLogic: US Home Price Growth Speeds Up Again in November

• U.S. home prices increased by 5.2% year over year in November, the strongest annual growth rate recorded since January 2023.

• Annual home price growth is projected to slow to 2.3% in the spring of 2024 before stabilizing for the rest of the year.

• Detroit was the nation’s fastest-appreciating metro area in November at 8.7%, ending Miami’s 16-month run in the top spot.

• Northeastern states again posted the nation’s largest price gains, with Rhode Island, Connecticut and New Jersey showing increases that were more than double the national rate.
...
“Home price appreciation continued to push forward in November, despite the new highs in mortgage rates seen over the year,” said Dr. Selma Hepp, chief economist for CoreLogic. “And while the annual growth reflects comparison with last year's declines, seasonal gains remain in line with historical averages. However, in some metro areas, such as those in the Mountain West and the Northwest, higher interest rates are having a greater impact on homebuyers’ budgets, which is contributing to a larger seasonal slump.

“This continued strength remains remarkable amid the nation’s affordability crunch but speaks to the pent-up demand that is driving home prices higher,” Hepp continued. “Markets where the prolonged inventory shortage has been exacerbated by the lack of new homes for sale recorded notable price gains over the course of 2023.”
emphasis added