The year-over-year pace of national home-price increases slowed for the fifth consecutive month in September but still remained in double digits, CoreLogic reported, citing its monthly Home Price Insights report.
Home prices were up 11.4% annually in September after a 13.5% increase in August. They were down 0.5% month over month. Looking ahead, CoreLogic expects national year-over-year appreciation to slow to 3.9% by September 2023. It expects October home prices to be flat with September’s results.
“The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potential local homebuyers,” said Selma Hepp, interim lead of the Office of the Chief Economist at CoreLogic. “On the West Coast and in Mountain-West states, home prices are slowing from this spring’s high but remain elevated from a year ago. By contrast, markets that continue to see an in-migration of higher-income households are still experiencing home-price gains that are notably higher than the national rate of appreciation.”
Geographically, the largest home-price increases took place in the Southeast, led by Florida (23%), South Carolina (17.6%), Tennessee (17.4%) and Georgia and North Carolina (both at 17.1%).
Miami posted the highest annual increase among the country’s 20 largest metro areas, at 25.6%, followed by Phoenix at 13.8%, Las Vegas at 13.6%, and Houston at 13.1%.