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CoreLogic: House Prices up 11.4% YoY in September; Declined 0.5% MoM in September NSA

by Calculated Risk on 11/01/2022 08:00:00 AM

Notes: This CoreLogic House Price Index report is for September. The recent Case-Shiller index release was for August. The CoreLogic HPI is a three-month weighted average and is not seasonally adjusted (NSA).

From CoreLogic: CoreLogic: While Buyer Demand Cools, Home Prices Dropped by 0.5% in September From the Previous Month

CoreLogic(R) … today released the CoreLogic Home Price Index (HPI(TM)) and HPI Forecast(TM) for September 2022.

U.S. home price growth continued to relax on a year-over-year basis in September, posting an 11.4% increase. As in previous months, Southeastern states put up significantly higher price gains than the national growth rate, with Florida again leading the country for the eighth consecutive month. Although rising mortgage rates continue to dampen housing demand nationwide, out-migration from more expensive states on the West Coast and in the Northeast is likely fueling homebuyer enthusiasm for properties in relatively more affordable Southeastern states. CoreLogic expects annual U.S. home price growth to continue to slow over the next 12 months to 3.9% by September 2023.

“The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potential local homebuyers,” said Selma Hepp, interim lead of the Office of the Chief Economist at CoreLogic. “On the West Coast and in Mountain-West states, home prices are slowing from this spring’s high but remain elevated from a year ago. By contrast, markets that continue to see an in-migration of higher-income households are still experiencing home price gains that are notably higher than the national rate of appreciation.”

U.S. home prices (including distressed sales) increased 11.4% year over year in September 2022 compared to September 2021. On a month-over-month basis, home prices declined by 0.5% compared to August 2022.
emphasis added

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