Annual home price growth has once again fallen—ever so slightly—in the U.S. per new just-released CoreLogic data. While home prices nationwide increased by 15.8 percent in July 2022 compared to July 2021, on a month-over-month basis, home prices declined by 0.3 percent in July 2022 compared with June 2022.
This marks the third consecutive month of price declines.
The CoreLogic HPI Forecast indicates that home prices will increase on a month-over-month basis by 0.3 percent from July-August 2022 and on a year-over-year basis by 3.8 percent from July 2022 to July 2023.
The states with the highest increases annually in July were Florida (at 29.6 percent), South Dakota (23.7 percent) and Tennessee (23.2 percent). No states posted an annual decline in home prices.
Miami continued to top the list of metro areas with the largest annual price growth (27.1 percent), followed by Phoenix and Denver. San Diego was close behind with 17.2 percent price growth, while Los Angeles notched 12.9 percent growth.