U.S. home prices continued to increase in April, rising 1.1% compared with March and up 5.3% compared with April 2023, according to CoreLogic.
All states posted annual home price appreciation in April, led by New Hampshire at 12%, New Jersey at 11% and South Dakota at 10.8%.
San Diego posted the highest year-over-year home price increase of the country’s 10 highlighted metro areas, at 9.9%. Miami saw the next-highest gain at 9.7%.
CoreLogic’s forecast shows annual U.S. home price gains relaxing to 3.4% in April 2025. This slow cooling reflects not only the increasing number of homes on the market in some parts of the country, but also elevated, 30-year, fixed-rate mortgages, which remain around 7%, a major factor influencing America’s continuing housing affordability challenges, the firm says in its latest home price index report.
“Home price growth continues to slow, as a comparison with a strong 2023 spring is still impacting year-over-year differences,” says Selma Hepp, chief economist for CoreLogic. “Nevertheless, the April uptick in mortgage rates to this year’s high has cooled some of the typical spring homebuyer demand, which pulled monthly gains of 1.1 percent below the March-to-April average.
“The home price slowing also highlights buyers’ increased sensitivity to rising interest rates, as well as the anticipation that presumed lower rates down the road will help ease the affordability crunch,” Hepp adds. “Also, the price cooling is more pronounced in markets where there has been an influx of inventory and/or new construction, as well as those where additional homeownership costs (such as insurance, taxes and HOA fees) have risen relatively faster.”
In April, the annual appreciation of detached properties was 5.7% – 2 percentage points higher than that of attached properties at 3.7%.
Photo: Frames For Your Heart
