CORELOGIC: Home Price Appreciate Is Cooling

WRE News June 5, 2024


CORELOGIC: Home Price Appreciate Is Cooling

Annual home price appreciation during April was 5.3%, unchanged from March, according to new data from CoreLogic. On a month-over-month basis, home prices increased by 1.1%.

All of the states recorded year-over-year home price appreciation, led by New Hampshire (up by 12%), New Jersey (up by 11%) and South Dakota (up by 10.8%). Among the major metro areas, San Diego posted the highest year-over-year home price increase at 9.9%, followed by Miami at 9.7%.

Looking ahead to next year, CoreLogic’s forecast predicted annual home price gains relaxing to 3.4% in April 2025.

“Home price growth continues to slow, as a comparison with a strong 2023 spring is still impacting year-over-year differences,” said Dr. Selma Hepp, chief economist for CoreLogic. “Nevertheless, the April uptick in mortgage rates to this year’s high has cooled some of the typical spring homebuyer demand, which pulled monthly gains of 1.1% below the March-to-April average. The home price slowing also highlights buyers’ increased sensitivity to rising interest rates, as well as the anticipation that presumed lower rates down the road will help ease the affordability crunch. Also, the price cooling is more pronounced in markets where there has been an influx of inventory and/or new construction, as well as those where additional homeownership costs (such as insurance, taxes and HOA fees) have risen relatively faster.”

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