CoreLogic: Home Prices Again Increase in October

(Image courtesy CoreLogic)

CoreLogic, Irvine, Calif., reported single-family home prices increased by 4.7% year-over-year in October.

Month-over-month, home prices were up 0.2% from September, per its Home Price Index.

“Home price growth maintained its upward momentum in October, which continues to reflect gains from the strong spring season and contrasts with last year’s home price declines,” said Selma Hepp, chief economist for CoreLogic. “But even with high mortgage rates, October’s price gains line up with historical trends and speak to the strength of some potential buyers’ purchasing power, as they continue to outnumber available homes for sale. Metros that are seeing relatively stronger price gains are those with higher job growth, as well as those with an influx of higher-income, in-migrating households.”

The annual appreciation of detached properties was 5%, compared with 4% for attached properties.

CoreLogic also forecasts annual U.S. home price gains at 2.9% in October 2024.

On a geographic basis, the Northeast showed the largest price rebound in October. The five states with the highest annual appreciation were Connecticut, at 10.3%, New Jersey at 9.9% and Rhode Island at 9.7%.

A few states saw annual declines–specifically Utah (down 1.6%), Idaho (down 1.4%), Montana (down 0.5%) and Texas (down 0.2%).

CoreLogic also provided its Market Risk Indicator, which evaluates which markets may be at the highest risk of home price decline over the next year.

On that list are Cape Coral-Fort Myers, Fla., Youngstown-Warren-Boardman, Ohio/Pa., Atlanta-Sandy Springs-Roswell, Ga., West Palm Beach-Boca Raton-Delray Beach, Fla., and Deltona-Daytona Beach, Ormond Beach, Fla.

All five markets were listed with a “very high” probability of price decline (above 70%) and a 50-75% confidence score.