CoreLogic: Home Prices Increase Again in March
CoreLogic, Irvine, Calif., released its latest Home Price Index, which showed single-family home prices rose by 5.3% year-over-year in March.
That’s the 146th consecutive month of annual growth. And CoreLogic predicts that over the next year, annual growth is going to be about 3.7%.
Those prices were also up 1.2% from February 2024. CoreLogic’s forecast indicates home prices will tick up 0.8% from March to April.
“Home prices increased again this March beyond the typical seasonal uptick, despite mortgage rates reaching this year’s high and the affordability crunch continuing to keep many prospective buyers on the sidelines,” said Selma Hepp, Chief Economist for CoreLogic. “Even with the long-anticipated break in for-sale inventory, the surging cost of homeownership, further fueled by rising insurance and tax expenses, is holding potential home sales back, as is evident in the slow rise in sales compared with last year. These price pressures reflect the overall supply-and-demand mismatch, as well as continued interest from households with larger budgets.”
Northeastern states and metro areas are leading the nation in home price gains, potentially due to factors like Americans migrating to suburbs of major cities, and the tight supply in those areas.
The states with the highest year-over-year gains were New Jersey (up 12.2%), South Dakota (up 11.5%) and New Hampshire (up 10.6%). No states saw annual home price declines.
In terms of markets at risk of home price decline, CoreLogic listed Palm Bay-Melbourne-Titusville, Fla., Atlanta-Sandy Springs-Roswell, Georgia, Spokane-Spokane Valley, Wash., Deltona-Daytona Beach-Ormond Beach, Fla., and Greenville-Anderson-Mauldin, S.C.
