CoreLogic: Annual Home Price Growth Up 4.9% in May
CoreLogic, Irvine, Calif., released its latest U.S. Home Price Index for May, finding home price growth was at 4.9% year-over-year.
That’s the lowest year-over-year rate of appreciation since October 2023, but it was also the 148th consecutive month of annual growth.
Month-over-month, home prices were up 0.6% from April, in line with pre-pandemic levels.
“While national annual home price growth continues to slow as anticipated, cooling appreciation over the past months is now observed in more markets, as the surge in mortgage rates this spring caused both slowing homebuyer demand and prices,” said Selma Hepp, Chief Economist for CoreLogic. “However, persistently stronger home price gains this spring continue in markets where inventory is well below pre-pandemic levels, such as those in the Northeast.”
“Also, markets that are relatively more affordable, such as those in the Midwest, have seen healthy price growth this spring,” Hepp continued. “On the other hand, markets with notable inventory increases, including those in Florida and Texas, continue to see annual deceleration that is pulling prices below numbers recorded last year.”
CoreLogic forecasts that home prices will have increased 0.7% month-over-month and 3% year-over-year in next month’s release.
The states with the highest year-over-year increases were in the Northeast–New Hampshire (up 12%) and New Jersey and Rhode Island (both up by 9.8%). No states posted annual declines.
CoreLogic also listed the top markets it views as in risk of decline: Palm Bay-Melbourne-Titusville, Fla., Gainesville, Fla., Atlanta-Sandy-Springs-Roswell, Ga., Spokane-Spokane Valley, Wash., and North Port-Sarasota-Bradenton, Fla.
