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CoreLogic - Home Prices Increased Year Over Year by 2% in April 2023 Compared with April 2022. Home prices nationwide, including distressed sales, increased year over year by 2% in April 2023 compared with April 2022. On a month-over-month basis, home prices increased by 1.2% in April 2023 compared with March 2023 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results). The CoreLogic HPI Forecast indicates that home prices will increase on a month-over-month basis by 0.9% from April 2023 to May 2023 and increase on a year-over-year basis by 4.6% from April 2023 to April 2024.
U.S. Home Price Growth Continues to Slow in April Nationwide, single-family home price growth rose by 2% year over year in April. This marked the 135th consecutive month of annual growth but the sixth straight month of single-digit gains, which have slowed from an all-time high of nearly 20% annual appreciation in the spring of 2022. Numerous economic concerns are contributing to buyer reluctance, including mortgage rate volatility and the related uncertainty surrounding the recent debt-ceiling debate. That said, a continued shortage of homes for sale could keep pressure on housing prices over the next 12 months. CoreLogic projects that home price growth will slow a bit more in 2023 before regaining steam to about 5% annual appreciation by April 2024. “While mortgage rate volatility continues to cause buyer hesitation, the lack of for-sale homes is putting firm pressure on prices this spring, leading to above-average seasonal monthly gains and a rebound in home prices in most markets.Nevertheless, the recent surge in mortgage rates and continued inflation issues suggest that rates may remain elevated, leading home price appreciation to possibly relax this summer and return to average seasonal gains later in 2023. Still, while slim inventory is pushing prices up once again and constraining affordability, recent trends suggest that home price growth in 2023 will fall in line with the historical 4% annual average.“ HPI National and State Maps – April 2023 The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states. Nationally, home prices increased 2% year over year in April. Arizona, California, Colorado, Idaho, Montana, Nevada, New York, Oregon, Utah and Washington saw annual declines in home prices. The states with the highest increases year over year were Indiana (7.3%); New Jersey (7.1%); and Missouri, South Carolina and Vermont (all 6.9%).
HPI Top 10 Metros Change The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states. Below is a look at home price changes in large U.S. metros in April, with Miami again posting the largest gain at 13.2% year over year.
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