by Calculated Risk on 3/05/2024 08:55:00 AM

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

From CoreLogic: CoreLogic: Annual US Home Price Growth Moves Up Gradually Again in January

• U.S. single-family home prices (including distressed sales) increased by 5.8% year over year in January 2024 compared with January 2023. On a month-over-month basis, home prices increased by 0.1% compared with December 2023.

• In January, the annual appreciation of detached properties (6%) was 1.1 percentage points higher than that of attached properties (4.9%).

• CoreLogic’s forecast shows annual U.S. home price gains relaxing to 2.6% in January 2025.

• Miami posted the highest year-over-year home price increase of the country’s 10 highlighted metro areas in January, at 10.2%. San Diego saw the next-highest gain at 8.5%.

• Among states, Rhode Island ranked first for annual appreciation in January (up by 13.2%), followed by New Jersey (up by 11.6%) and Connecticut (up by 11%). No states recorded year-over-year home price losses.
...
“U.S. annual home price growth strengthened to 5.8% in January 2024,” said Dr. Selma Hepp, chief economist for CoreLogic. “And while the acceleration continues to reflect the residual impact of strong appreciation in early 2023, the annual rate of growth is expected to taper off in coming months.”

“Home prices further increased in late 2023 despite high mortgage rates, which surged to the highest level since the beginning of the millennium,” Hepp continued. “But metro areas that have struggled with the impact of higher rates continue to see downward movement on home prices. Generally, pressures from higher mortgage rates tend to occur in markets where the higher cost of homeownership pushes against the affordability ceiling.”
emphasis added