According to the CoreLogic Home Price Index (HPI) and HPI Forecast for April 2023, single-family home price growth nationwide rose by 2% year over year in April. That increase marked the 135th consecutive month of annual growth but the sixth straight month of single-digit gains.
Back in the spring of 2022, home price gains reached an all-time high of nearly 20% annual appreciation.
Erratic mortgage rates and the recent debt-ceiling debate are among the many economic issues keeping buyers reluctant. CoreLogic projects that home price growth will slow a bit more in 2023 before returning to about 5% annual appreciation by April 2024.
“The lack of for-sale homes is putting firm pressure on prices this spring, leading to above-average seasonal monthly gains and a rebound in home prices in most markets,” says Selma Hepp, chief economist at CoreLogic.
Top takeaways:
- U.S. home prices (including distressed sales) increased by 2% year over year in April 2023 compared with April 2022. On a month-over-month basis, home prices increased by 1.2% compared with March 2023.
- In April, the annual appreciation of attached properties (3.6%) was 2.1 percentage points higher than that of detached properties (1.5%).
- CoreLogic forecasts show annual U.S. home price gains increasing to 4.6% by April 2024.
- Miami posted the highest year-over-year home price increase of the country’s 20 tracked metro areas in April, at 13.2%, while Atlanta ranked second at 4.8%.
Price gains and losses among states:
- Indiana and New Jersey recorded the highest annual home price gains, 7.3% and 7.1%, respectively.
- Missouri, South Carolina and Vermont posted the third-highest growth rates, all showing a 6.9% year-over-year increase.
- Ten states recorded annual losses: Washington (-7.7%), Idaho (-5.9%), Utah (-4.9%), Nevada (-4.5%), California (-3.6%), Arizona (-2.6%), Oregon (-2.6%), Colorado (-2.1%), Montana (-1.1%) and New York (-1.1%).
