Home-Price Growth Continues Advance in SeptemberBy RISMedia Staff
Single-family home prices increased by 4.5% year-over-year in September, the third month of acceleration and the highest growth since early 2023, according to a new report from CoreLogic.
CoreLogic’s latest Home Price Index for September found that home prices have now increased annually for 140 consecutive months and are up by 42% from the onset of the pandemic. In addition, the Northeast continued to post the strongest appreciation Key highlights:
“While annual home price growth continued its third month of upward momentum in September, this mostly reflects a comparison with last year’s lows, when prices began to cool from double-digit growth in autumn 2022,” said Selma Hepp, chief economist for CoreLogic. “Still, given the continued rise of borrowing costs in 2023, it is remarkable to see how resilient home price growth has been in recent months, with September’s 0.3% month-over-month gain lining up with pre-pandemic trends,” Hepp continued. “Nevertheless, as mortgage rates significantly impact affordability, certain markets with continued in-migration from more expensive states are showing renewed buoyancy and outsized monthly price gains.” For the full report, click here. |
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