Home prices were up year-over-year for the 139th consecutive month in August, according to new data from CoreLogic. August’s annual 3.7% home price gain was the highest since last February, and home prices ended the month 42% higher compared to the beginning of the pandemic in March 2020.
The median sales price for a single-family home remained at $375,000 in August. Within statewide markets, California had the highest median sales price at $705,000), followed by the District of Columbia at $630,000 and Massachusetts at $585,000. Eight states, mostly in the West, saw year-over-year home price declines, the fewest since last February.
Looking ahead, CoreLogic is projecting the year-over-year home price appreciation will relax slightly by August 2024 to 3.4%.
“While continued mortgage rate increases challenge affordability across U.S. housing markets, home price growth is in line with typical seasonal averages, reflecting strong demand bolstered by a healthy labor market, strong wage growth and supporting demographic trends,” said Selma Hepp, chief economist for CoreLogic. “Still, with a slower buying season ahead and the surging cost of homeownership, additional monthly price gains may taper off.”
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