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:

• On a month-over-month basis, home prices rose by 0.3% compared with August 2023.
• The annual appreciation of detached properties (4.7%) was 0.8 percentage points higher than that of attached properties (3.9%).
• CoreLogic’s forecast predicts annual U.S. home price gains relaxing to 2.6% in September 2024.
• Miami posted the highest year-over-year home price increase of the country’s 20 tracked metro areas in September, at 8.5%.
• St. Louis saw the next-highest gain (7.9%); followed by Charlotte and Detroit (both 6.6%).
• Among states, Maine ranked first for annual appreciation (+10.1%), followed by Connecticut (+9.5%) and New Jersey (+9.2%).
• Four states and one district recorded year-over-year home price losses: Idaho (-2.6%), Utah (-1.7%), the District of Columbia (-1%), Montana (-0.9%) and Wyoming (-0.1%).

Major takeaway:
“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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