CoreLogic reported last week that home prices across the country increased 5.2% from November 2022 to November 2023. This index joins the Case Shiller Home Price Index and Federal Housing Finance Agency House Price Index which were also both showing year-over-year increases. The Case Shiller showed 4.8% and FHFA showed 6.3%. When looking at the month-over-month data, CoreLogic reported that home prices jumped 0.2% from October to November.
Going forward CoreLogic forecasts that home prices will decrease for the month of December by 0.2% and will rise by 2.5% for the twelve months from November 2023 to November 2024. However, it should be noted that CoreLogic’s forecasts are historically very conservative and there could very well be a monthly increase in its next release.
Based on the data received thus far this year and all the gains seen in the 11 months of 2023, CoreLogic’s index is roughly on pace for 7% appreciation.
Overall, this appreciation report along with the others that were mentioned, is showing sustained home appreciation even in the face of higher interest rates. It shows how resilient the housing market is and how intense buyer demand is.
Source : https://bit.ly/48NeCth
By: Jon Iacono