by calculated risk 11/05/2024 02:19:00 PM
Note: This CoreLogic Home Price Index report is for September. recent Case-Shiller index release was for August. CoreLogic HPI is a three-month weighted average and is not seasonally adjusted (NSA).
From core logic: Core logic: Annual housing price slump continues in September
• On an annual basis, house prices rose 3.4% in September, the slowest growth rate in a year, but are expected to slow to 2.3% by the same time next year.
• Miami continued to have the highest growth rate of any U.S. metropolitan area at 6.8%, followed closely by Chicago at 6.7%.
• Rhode Island reported the highest annual growth rate of all states at 9%.
• 27 states hit new record highs for home prices in September.
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U.S. home price growth continues to slow, slowing to 3.4% in September compared to the same month last year.. Compared to the previous month, house prices rebounded after a moderate month-on-month decline and recorded a negligible increase (0.02%). Overall, house price levels have remained relatively flat since late summer. In addition to uncertainty regarding the U.S. election and changes in mortgage rates, mixed signals about the state of the U.S. economy may be constraining demand and price growth. The economy added just 12,000 jobs in October 2024, the fewest in nearly four years, according to the latest numbers from the U.S. Bureau of Labor Statistics. Meanwhile, the latest consumer spending data showed continued strong spending and a positive consumer outlook.“Like much of the housing market right now, home prices remained relatively flat into the fall,” said Thelma Hepp, chief economist at CoreLogic. “Despite some improvement in home affordability due to lower mortgage rates during August, homebuyers remain largely on the sidelines, given the current volatility, uncertainty surrounding election results, and We have decided to wait for lower mortgage rates to look for a better opportunity next year when the impact on loans could be expected.”Long-term rates may become a little more clear. Although there are many questions about mortgage rates and the economic outlook, home prices are likely to remain flat until early next year, when buyers return to the housing market. ”
Emphasis added
This was smaller than the year-over-year increase reported in August and lower than the 5.8% year-over-year increase reported in early 2024.
This map is report.
Nationwide, home prices rose 3.4% in September compared to the same month last year. In some states, house prices fell every year. The states with the highest year-over-year increases were Rhode Island (up 9%) and New Jersey (up 8.6%).
Hawaii was the only state with a year-over-year decline in home prices (-0.4%).
