According to the latest CoreLogic Home Price Insights (HPI) report, home price growth slowed for the 12th straight month in May, falling to a 1.4% increase year over year. CoreLogic said the last time their Home Price index saw annual growth fall to less than 2% was in early 2012. However, price appreciation still remained positive for the 136th straight month in May. In addition, their forecast indicates that home prices will increase on a month-over-month basis by 1% from May 2023 to June 2023 and increase on a year-over-year basis by 4.5% from May 2023 to May 2024.
“After peaking in the spring of 2022, annual home price deceleration continued in May. Despite slowing year-over-year price growth, the recent momentum in monthly price gains continues in the face of recent mortgage rates increases.” Said Selma Hepp, Chief Economist for CoreLogic
Click here to read the full report at CoreLogic.