Home prices posted a 4.9% year-over-year gain in May, according to new data from CoreLogic. While this was the lowest rate of appreciation since last October, it also represented the 148th consecutive month of annual growth. On a monthly basis, gains were up by 0.6%.
Among states, New Hampshire ranked first for annual appreciation in May (up by 12%), followed by New Jersey and Rhode Island (both up by 9.8%). No state recorded a year-over-year home price loss.
“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,” said Dr. Selma Hepp, chief economist for CoreLogic. “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,” Hepp added, “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.”
Looking ahead, CoreLogic is forecasting annual home price gains relaxing to 3% in May 2025.
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