According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 3.4% in September 2024 compared with September 2023. On a month-over-month basis, home prices increased by .02% in September compared with one year ago. In addition, CoreLogic says home prices will drop by -0.1% from September 2024 to October 2024 and increase by 2.3% on a year-over-year basis from September 2024 to September 2025.
“Like much of the housing market at the moment, home prices remained relatively flat coming into the fall. Despite some improved affordability from lower mortgage rates during August, homebuyers mostly kept on the sidelines and decided to wait out the mortgage rate drop for a potentially better opportunity next year, when the current volatility, uncertainty surrounding the election’s outcome, and the impact on longer-term rates may be slightly clearer. And while the mortgage rate and economic outlook is full of questions, home prices are likely to maintain their leveled path until early next year when buyers return to the housing market.” Said Dr. Selma Hepp, chief economist for CoreLogic.
Click here to read the full report at CoreLogic.
