by Calculated Threat on 11/05/2024 02:19:00 PM
Notes: This CoreLogic Home Value Index report is for September. The latest Case-Shiller index launch was for August. The CoreLogic HPI is a three-month weighted common and isn’t seasonally adjusted (NSA).
From CoreLogic: CoreLogic: Annual Dwelling Value Slowdown Continues in September
• On an annual foundation, dwelling costs rose by 3.4% in September, the slowest development charge in over a 12 months, and are projected to sluggish to 2.3% by the identical time subsequent 12 months.
• Miami continued to submit the best achieve of tracked U.S. metro areas, at 6.8%, adopted carefully by Chicago at 6.7%.
• Rhode Island reported the best annual development charge of all states at 9%.
• Twenty-seven states reached new dwelling worth highs in September.
…
U.S. dwelling worth development continued to chill, slowing to a 3.4% year-over-year in September. In comparison with with the month prior, dwelling costs rebounded to submit a really slight uptick (0.02%) following months of modest month-to-month declines. Taken collectively, dwelling worth ranges have been comparatively flat since late summer time. Apart from the uncertainty relating to the U.S. election and mortgage charge volatility, the combined alerts across the present state of the U.S. economic system could also be dampening demand and worth appreciation. In accordance with the newest numbers from the U.S. Bureau of Labor Statistics, the economic system added simply 12,000 jobs in October 2024, the fewest in virtually 4 years. Alternatively, the latest client spending knowledge confirmed stable continued spending and an upbeat client outlook.“Like much of the housing market at the moment, home prices remained relatively flat coming into the fall,” mentioned CoreLogic Chief Economist Selma Hepp. “Despite some improved affordability from lower mortgage rates during August, homebuyers mostly kept on the sidelines and decided to wait out the mortgage rate drop for a potentially better opportunity next year, when the current volatility, uncertainty surrounding the election’s outcome, and the impact on longer-term rates may be slightly clearer. And while the mortgage rate and economic outlook is full of questions, home prices are likely to maintain their leveled path until early next year when buyers return to the housing market.”
emphasis added
This was a smaller YoY enhance than reported for August, and down from the 5.8% YoY enhance reported at the start of 2024.
This map is from the report.
Nationally, dwelling costs elevated by 3.4% 12 months over 12 months in September. One state posted an annual dwelling worth decline. The states with the best will increase 12 months over 12 months have been Rhode Island (9%) and New Jersey (up by 8.6%).
Hawaii was the one state to file a year-over-year dwelling worth loss (-0.4%).
