Home price growth during October recorded a scant 0.02% increase from September and a 3.4% year-over-year uptick, according to new data from CoreLogic.
Among the major metro markets, Chicago posted the highest year-over-year home price increase in October at 6.4%, followed by Miami at 6.2%. Among the states, New Jersey ranked first for annual appreciation in October (up by 8.1%), followed by Rhode Island (up by 7.5%). Hawaii was the only state to record a year-over-year home price loss.
Looking forward, CoreLogic is forecasting annual home price gains will increase 2.4% by October 2025 while national single-family home prices will reach a new peak level in April 2025. Currently, the median sales price for all single-family homes in the U.S. is $385,000.
“Similar to much of the housing market activity, home prices continued to mostly move sideways in October,” said CoreLogic Chief Economist Dr. Selma Hepp. “A slight home price bump after a late summer decline reflects the rebound in home buying demand resulting from a short but effective decline in mortgage rates in August. Still, as we continue to bump along during this slower time of the year for the housing market, home prices are not expected to reveal much about what’s ahead for the spring home buying market. In the last few years though, springtime has seen home prices jump higher than before the pandemic despite elevated mortgage rates.”
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