Home prices nationwide remained steady in October, continuing to show a year-over-year growth rate of 3.4%, according to the latest CoreLogic Home Price Insights Report.
- This marks no change from September’s rate, and represents the lowest price growth since July 2023, when prices began to rebound following a dip to 1.4% growth in May.
Northeast Leads: The Northeast continues to be a hot spot for home price increases. States like New Jersey, Rhode Island, and New Hampshire led the country with impressive year-over-year price gains of 8.1%, 7.5%, and 6.3%, respectively.
- Meanwhile, Washington D.C., Idaho, and Montana are experiencing price declines from their former peaks. These states were down by -3.5%, -2.5%, and -2.1%, respectively, reflecting a softening in their housing markets.
- However, despite the dips from their highs, Washington D.C. is still up 4.7% compared to last year, showing a more resilient market in the nation’s capital.
Looking Ahead: The CoreLogic HPI Forecast projects a 2.4% rise in home prices from October 2024 to October 2025, suggesting that home prices will continue to grow at a more moderate pace over the next year.
What They’re Saying: Selma Hepp, Chief Economist for CoreLogic, noted that home prices mostly moved sideways in October, with a slight increase after a decline in late summer. “Similar to much of the housing market activity, home prices continued to mostly move sideways in October. A slight home price bump after a late summer decline reflects the rebound in homebuying demand resulting from a short but effective decline in mortgage rates in August.”
Bottom Line: As the housing market heads into the holiday season, the pace of home price growth has slowed, with the market returning to more seasonal patterns. While some regions continue to see strong price growth, other areas are experiencing a cooling-off period, signaling that the housing market may be entering a more balanced phase.
