CoreLogic Reports Largely Flat Home Price Growth in January

(Illustration courtesy of CoreLogic. Thumbnail photo credit: Brett Sayles/pexels.com)

U.S. home price growth was largely flat in January at 3.3% year over year, according to CoreLogic, Irvine, Calif.

The firm’s Home Price Index report forecast that prices will likely grow 3.6 % this year, but there will be stark differences between regions.

“The Northeast continues to buck overall national trends, remaining unbothered by slower job growth, elevated interest rates, and ongoing affordability concerns,” the report said. “Meanwhile, in the Mountain West, prices are the furthest from their record highs. In Hawaii, prices declined by 4.4%.”

Despite this, national single-family home prices are forecast to reach a new peak in March 2025. Currently, the median sales price for all single-family homes in the U.S. is $375,000, CoreLogic reported. CoreLogic Chief Economist Selma Hepp noted flattening home price changes over the last six months suggest further price deceleration is ahead. “More importantly, compressed monthly changes highlight the general lack of home-buying demand that continues to characterize the current housing market,” she said. “While this year’s cold winter and large natural disasters play a role in dampening demand, falling consumer sentiment suggests potential homebuyers are wary of the short-term economic outlook and future inflation. Nevertheless, with the spring home buying season upon us, the recent improvements in mortgage rates may help invite homebuyers back into the market.”