Single-family home prices rose recorded a 4.5% year-over-year in September, the largest annual gain since February, according to new data from CoreLogic.
The Northeast led the country with the strongest appreciation level, with Maine experiencing a 10.1% annual increase – the first double-digit gain recorded in any state since early 2023. Strong performances were seen in Connecticut (up by 9.5%) and New Jersey (up by 9.2%). On the flip side, year-over-year home price losses were registered in Idaho (-2.6%), Utah (-1.7%), the District of Columbia (-1%), Montana (-0.9%) and Wyoming (-0.1%).
“While annual home price growth continued its third month of upward momentum in September, this mostly reflects a comparison with last year’s lows, when prices began to cool from double-digit growth in autumn 2022,” said Selma Hepp, chief economist for CoreLogic. “Still, given the continued rise of borrowing costs in 2023, it is remarkable to see how resilient home price growth has been in recent months, with September’s 0.3% month-over-month gain lining up with pre-pandemic trends. Nevertheless, as mortgage rates significantly impact affordability, certain markets with continued in-migration from more expensive states are showing renewed buoyancy and outsized monthly price gains.”
CoreLogic is forecasting annual home price gains relaxing to 2.6% in September 2024.
