Source: Yahoo! Finance — 

IRVINE, Calif., January 05, 2023–(BUSINESS WIRE)–CoreLogic, a leading global property information, analytics and data-enabled solutions provider, released the major U.S. housing trends wrap-up for 2022.

Year-over-year home price growth increased for the 130^th straight month in November, but gains have slowed significantly since the spring. Still, most homeowners were in positive-equity territory throughout the first three quarters of the year, and mortgage delinquencies and foreclosure rates remain near historic lows.

“The wild ride known as the U.S. housing market slowed dramatically in the fall of 2022, as mortgage rates surged and home prices remained high,” said Molly Boesel, principal economist at CoreLogic. “Home sales started strong in early 2022 but took a nosedive later in the year. On the plus side, generous amounts of home equity will protect many borrowers from experiencing the type of foreclosure activity seen during the Great Recession.”

Here is a high-level overview of major U.S. housing market trends in 2022 using data from CoreLogic’s regular economic reports, which include information dating back several decades, as well as analyses and unique insights from the company’s Office of the Chief Economist.

Home Price Growth Declined Significantly Between Spring and Fall

According to CoreLogic’s monthly Home Price Index data, U.S. year-over-year home price growth reached 20.1% in April 2022, the highest level recorded in more than two decades. However, appreciation has tapered off every month since, falling to 8.6% in November.

Sun Belt states led the nation for annual home price gains for most of the year, notably Florida, which posted the highest gain in the country from February to November. This trend partially reflects Americans migrating from more expensive areas in the West to more affordable areas of the country. However, price growth in Southern states has followed the national trend and slowed in recent months.