CoreLogic’s latest report found that home price growth nationally has slowed to its lowest level in more than a decade. Home prices nationwide, including distressed sales, increased year over year by 1.4 percent in May 2023 compared to May 2022.
On a month-over-month basis, home prices increased by 0.9 percent in May 2023 compared to April 2023.
The CoreLogic HPI Forecast indicates that home prices will increase on a month-over-month basis by 1 percent from May-June 2023 and increase on a year-over-year basis by 4.5 percent from May 2023 to May 2024.
According to CoreLogic, a significant number of western states saw prices decline in May from the same time in 2022, reflecting out-migration from less-urban locations where people moved during the height of the pandemic. Also of note, the significant loss of affordability due to those resulting home price surges.
Northeastern states and southeastern metro areas continue to see larger home price gains compared with other areas of the country.