Courtesy of CoreLogic.

Home prices rose 3.4% year-over-year in November, CoreLogic reported, citing its monthly Home Price Insights (HPI) report.       

On a monthly basis, prices rose 0.06% from October to November.      

Looking ahead, the CoreLogic HPI Forecast indicates home prices will dip by 0.2% from November to December but rise 3.8% between November 2024 and November 2025. 

On a city basis, Chicago posted the highest annual increase among the country’s 20 largest metro areas with a 5.8% gain, followed by Miami with a 5.6% rise and Las Vegas and Washington, D.C., which both saw 4.9% increases.     

“Heading into the end of the year, home prices remained relatively flat though showing some marginal improvement from the weakness seen moving into the fall and following the cooling of homebuyer demand amid the summer mortgage-rate surge,” Chief Economist Selma Hepp said in a press release. “Nevertheless, the cooling home-price growth trend is expected to continue well into 2025, partly due to the base effect and comparison with strong early 2023 price appreciation and partly due to higher mortgage rates coming into this year and the expectations of higher rates over the course of 2025.  

“Regionally, variations persist, as some affordable areas — including smaller metros in the Midwest — remain in high demand and continue to see upward home price pressures.”