Home price growth hit the highest level since January, according to the latest data from CoreLogic.
- Y-O-Y: Home price growth rose to 5.2% in November, up from 4.7% in October and the highest level since January.
- M-O-M: Home prices rose 0.2% from October, the same increase reported in the prior month and the 9th straight monthly increase.
Northeast On Top. The top states are all in the Northeast with Rhode Island taking the top spot with 11.6% home price growth in November. Connecticut, the former number one, fell to second place with 10.6% growth followed by New Jersey at 10.5%.
- Miami held on to the top metro spot despite home price growth slowing to 8.3% in November. San Diego took the number two spot at 7.7% and Chicago was third at 6.5%.
Crystal Ball. The CoreLogic HPI Forecast indicates that home prices will decrease 0.2% on month-over-month, this would be the first decline since January. CoreLogic economists are, however, projecting home prices will be up 2.5% in November 2024 on a year-over-year basis.
Analysis. Dr. Selma Hepp, noted that the continued strength of the housing market is impressive. “Home price appreciation continued to push forward in November, despite the new highs in mortgage rates seen over the year…This continued strength remains remarkable amid the nation’s affordability crunch but speaks to the pent-up demand that is driving home prices higher.”