Monthly U.S. Home Price Gains Dip Below Seasonal Average

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CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index and HPI Forecast for April 2024.

Annual U.S. home price appreciation remained above 5% in April, with three states posting double-digit gains. By next spring, national price gains are projected to slow to 3.4%, with only a few states putting up increases of higher than 6%. This slow cooling reflects not only the increasing number of homes on the market in some parts of the country, but also elevated, 30-year, fixed-rate mortgages, which remain  around 7%, a major factor influencing America’s continuing housing affordability challenges.

“Home price growth continues to slow, as a comparison with a strong 2023 spring is still impacting year-over-year differences,” said Dr. Selma Hepp, chief economist for CoreLogic. “Nevertheless, the April uptick in mortgage rates to this year’s high has cooled some of the typical spring homebuyer demand, which pulled monthly gains of 1.1% below the March-to-April average.”

“The home price slowing also highlights buyers’ increased sensitivity to rising interest rates, as well as the anticipation that presumed lower rates down the road will help ease the affordability crunch,” Hepp continued. “Also, the price cooling is more pronounced in markets where there has been an influx of inventory and/or new construction, as well as those where additional homeownership costs (such as insurance, taxes and HOA fees) have risen relatively faster.”

Top Takeaways:

• U.S. single-family home prices (including distressed sales) increased by 5.3% year over year in April 2024 compared with April 2023. On a month-over-month basis, home prices increased by 1.1% compared with March 2024.
• In April, the annual appreciation of detached properties (5.7%) was 2 percentage points higher than that of attached properties (3.7%).
• CoreLogic’s forecast shows annual U.S. home price gains relaxing to 3.4% in April 2025.
• San Diego posted the highest year-over-year home price increase of the country’s 10 highlighted metro areas in April, at 9.9%. Miami saw the next-highest gain at 9.7%.
• Among states, New Hampshire ranked first for annual appreciation in April (up by 12%), followed by New Jersey (up by 11%) and South Dakota (up by 10.8%). No state recorded year-over-year home price losses.