CoreLogic Home Price Insights Report: July 2024
According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 4.3% in July 2024 compared with July 2023. On a month-over-month basis, home prices grew by 0.01% in July 2024 compared with one year ago. CoreLogic says this is the 150th consecutive month that the U.S. has seen year-over-year home price gains.
“The question for home prices going forward is whether the upcoming rate cut from the Fed and the expected continuation of falling mortgage rates will be sufficient to motivate potential homebuyers who may start to fear a cooling labor market and continued uncertainty of a soft landing, along with anticipation around the presidential election. And while lower mortgage rates are a boost to affordability, and are likely to help buyer demand, the usual fall housing market slowdown is upon us and is likely to contain any significant surge in activity.” Said Dr. Selma Hepp, chief economist for CoreLogic.
Click here to read the full report at CoreLogic.
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The data shows that home prices have increased across the country, with some regions experiencing stronger growth than others. This growth can be attributed to a combination of low inventory levels, high demand, and low mortgage rates. As a result, homeowners have seen their property values rise, while buyers are facing increased competition and rising prices. Overall, the housing market remains robust, with no signs of slowing down in the near future.