U.S. home prices increased 0.2% in November compared with October and were up 5.2% compared with November 2022, according to CoreLogic.
Cities that saw the largest month-over-month gains in November included Detroit at 8.7%, Miami at 8.3%, and Charlotte at 7.4%.
States that saw the largest annual gains included Rhode Island at 11.6%, Connecticut at 10.6%, and New Jersey at 10.5%.
CoreLogic continues to forecast that home price appreciation will slow in 2024 – falling to an annual rate of 2.3% in the spring before stabilizing for the rest of the year.
“Home price appreciation continued to push forward in November, despite the new highs in mortgage rates seen over the year,” says Selma Hepp, chief economist for CoreLogic, in a statement. “And while the annual growth reflects comparison with last year’s declines, seasonal gains remain in line with historical averages. However, in some metro areas, such as those in the Mountain West and the Northwest, higher interest rates are having a greater impact on homebuyers’ budgets, which is contributing to a larger seasonal slump.
“This continued strength remains remarkable amid the nation’s affordability crunch but speaks to the pent-up demand that is driving home prices higher,” Hepp adds. “Markets where the prolonged inventory shortage has been exacerbated by the lack of new homes for sale recorded notable price gains over the course of 2023.”
In November, the annual appreciation of detached properties was 5.4% while that of attached properties was 4.4%.