According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 3.9% in August 2024 compared with August 2023. On a month-over-month basis, home prices dropped by 1% in August 2024 compared with one year ago.
“While mortgage rates have dropped in recent weeks, August home sales were by still-high rates in July and August, which lowered affordability…The combined impact of high prices and high mortgage rates kept a lid on price growth, with annual gains falling to the lowest level in a year and the monthly gain falling well below what is typically observed in August. Price gains in August were driven by areas in the Northeast but brought down by softening markets in Texas and Florida.” Said Dr. Selma Hepp, chief economist for CoreLogic.
Click here to read the full report at CoreLogic.
