U.S. home prices increased 0.2% in October compared with September and were up just 3.4% compared with October 2023, according to CoreLogic’s home price index report.
Home price growth has been relatively flat since this summer and some markets have seen home prices drop.
“Similar to much of the housing market activity, home prices continued to mostly move sideways in October,” says Selma Hepp, chief economist for CoreLogic, in a statement. “A slight home price bump after a late summer decline reflects the rebound in home buying demand resulting from a short but effective decline in mortgage rates in August.”
“Still, as we continue to bump along during this slower time of the year for the housing market, home prices are not expected to reveal much about what’s ahead for the spring home buying market,” Hepp says. “In the last few years though, springtime has seen home prices jump higher than before the pandemic despite elevated mortgage rates.”
In October, Chicago saw the highest annual home price gain among the major cities, at 6.4%. Miami was second at 6.2%.
States that saw the highest annual home price growth included New Jersey at 8.1%, Rhode Island at 7.5% and New Hampshire 6.3%.
As of the end of October, the median sales price for a single-family home in the U.S. was $385,000.
Photo: Gustavo Zambelli
