Home Prices Fall For Third Straight Month

Home prices saw a month-over-month decline for the third straight month in September, according to the latest Home Price Insight report from CoreLogic.

M-O-M: Home prices nationwide fell 0.5% from August, this is lower than the 0.7% seen in September but higher than the 0.3% reported in July.

Y-O-Y: Despite three months of declines home prices nationwide are still up 11.4% year-over-year, this is down 13.5% in August and down from the record high of 21.0% reported in March.

Miami Still Hot. Despite a nationwide slowdown, Miami remains at boom-like growth levels with 25.6% year-over-year growth, this is down from the 27.1% they were up last month but is actually up from the 25.3% reported in June.

• Phoenix was a distant second with 13.8% growth followed by Las Vegas(+13.6%), Houston (+13.1%), and San Diego (+10.9%).

Looking Ahead. The CoreLogic HPI Forecast predicts that home prices will see zero growth in October but year-over-year home prices will rise 3.9% in September 2023.

Analysis. Selma Hepp, Deputy Chief Economist for CoreLogic, says there is quite the divide between the different regions. “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.”