- Through May 2024 With Forecasts Through May 2025
Home prices nationwide, including distressed sales, increased year over year by 4.9% in May 2024 compared with May 2023. On a month-over-month basis, home prices grew by 0.6% in May 2024 compared with April 2024 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results).
Forecast Prices Nationally
The CoreLogic HPI Forecast indicates that home prices will rise by 0.7% from May 2024 to June 2024 and increase by 3% on a year-over-year basis from May 2024 to May 2025.
Detached Home Price Gains Continue to Outpace Attached Home Growth
U.S. year-over-year home price gains inched down to 4.9% in May, though it was still the 148th consecutive month of annual growth. As has been the case for the past year, the Northeast continued to lead the country for annual appreciation, with New Hampshire the only state to post a double-digit increase. Meanwhile, the price growth gap between detached homes and attached homes further widened, likely indicating homebuyer preferences for more personal space to work from home after the height of the pandemic, as well as surging HOA fees due to maintenance costs.
“While national annual home price growth continues to slow as anticipated, cooling appreciation over the past months is now observed in more markets, as the surge in mortgage rates this spring caused both slowing homebuyer demand and prices. However, persistently stronger home price gains this spring continue in markets where inventory is well below pre-pandemic levels, such as those in the Northeast. Also, markets that are relatively more affordable, such as those in the Midwest, have seen healthy price growth this spring. On the other hand, markets with notable inventory increases, including those in Florida and Texas, continue to see annual deceleration that is pulling prices below numbers recorded last year.”
Dr. Selma Hepp
– Chief Economist for CoreLogic
HPI National and State Maps – May 2024
The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.
Nationally, home prices increased by 4.9% year over year in May. No states posted annual home price declines. The states with the highest increases year over year were New Hampshire (12%) and New Jersey and Rhode Island (both up by 9.8%).
HPI Top 10 Metros Change
The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states. Below is a look at home price changes in 10 select large U.S. metros in May, with San Diego posting the highest gain at 9.2% year over year.
Markets to Watch: Top Markets at Risk of Home Price Decline
The CoreLogic Market Risk Indicator (MRI), a monthly update of the overall health of housing markets across the country, predicts that Palm Bay-Titusville-Melbourne, FL (70%-plus probability) is at a very high risk of a decline in home prices over the next 12 months. Gainesville, FL; Atlanta-Sandy Springs-Roswell, GA; Spokane-Spokane Valley, WA and North Port-Sarasota-Bradenton, FL are also at very high risk for price declines.
Summary
CoreLogic HPI features deep, broad coverage, including non-disclosure state data. The index is built from industry-leading real-estate public record, servicing, and securities databases—including more than 40 years of repeat-sales transaction data—and all undergo strict pre-boarding assessment and normalization processes.
CoreLogic HPI and HPI Forecasts both provide multi-tier market evaluations based on price, time between sales, property type, loan type (conforming vs. non-conforming) and distressed sales, helping clients hone in on price movements in specific market segments.
Updated monthly, the index is the fastest home-price valuation information in the industry—complete home-price index datasets five weeks after month’s end. The Index is completely refreshed each month—all pricing history from 1976 to the current month—to provide the most up-to-date, accurate indication of home-price movements available.
