CoreLogic a leading global property information, analytics, and data-enabled solutions provider, released their CoreLogic Home Price Index (HPI) and HPI Forecast for the month of January 2024. This latest release showed that home prices nationwide fell 0.1% and are now up 5.8% year over year, which is an increase from 5.5% in the previous report. When looking at more microdata via the states, Rhode Island ranked first for annual appreciation in January which was up by 13.2%, followed by New Jersey up by 11.6%, and in third place was Connecticut, up by 11%. There wasn’t a single state that showed year-over-year home price losses.
When looking to the future, CoreLogic forecasts that home prices will be flat in February and will rise by 2.6% over the next 12 months. It’s also worth noting that they have historically been very conservative. They originally forecasted that we would see 3% appreciation in 2023, meanwhile we saw 5.5%. Also, when looking at their report back in 2021, CoreLogic forecasted home prices would decline 6.6%, meanwhile, we saw 19% appreciation that year. I guess time will tell how accurate this forecast will be, but on average, major appreciation reports are calling for 3-5% home appreciation for 2024.
Source : https://bit.ly/3ICP1YX
By: Jon Iacono