Home prices fell for the second straight month in August, according to the latest CoreLogic Home Price Insight report.
- M-O-M: Home prices declined by 0.7% in August when compared to the previous month, this was a bigger drop than the 0.3% decline reported in July.
- Y-O-Y: Home prices nationwide increased year over year by 13.5% in August, this down from the 15.8% y-o-y gain reported in July and this was the fourth straight month that home price appreciation fell and was the lowest level since April 2021.
Streak Continues. Despite month-over-month declines, the year-over-year gains remain and home prices continued their 127-month run of consecutive annual gains in August.
Miami Stays Hot. Despite almost every single metro reporting slowing growth, Miami continues to hold strong with number one spot thanks to 27.1% year-over-year growth in August, this was unchanged from July. Phoenix took the number two spot up 22.1% and Las Vegas rounded out the top three with 21.6% growth.
- Statewide, Florida took the top spot with home prices up 26.4% followed by Tennessee (20%) and North Carolina (19.9%).
Looking Ahead. CoreLogic predicts that in in September home prices will see 0.0% monthly growth and the year-over-year gains will fall to 3.2% in August 2023.
BOTTOM LINE: This is now the second report in so many days that shows home price declines for the last two-months.