Home price growth continued its upward trajectory in October, according to the latest CoreLogic Home Price Index.
- Y-O-Y: Home price growth rose to 4.7% in October, up from 4.5% in September and the highest level since January.
- M-O-M: Home prices rose 0.3% from September which has been the growth rate for the last four months.
Connecticut FTW. Connecticut climbed into double digits with 10.3% year-over-year price growth in October to take the top spot. New Jersey was not far behind with 9.9% growth followed by Rhode Island (9.7%) and Maine (9.3%).
- Miami held on to the top spot as the metro area with the most growth with prices up 8.8% year-over-year followed by San Diego (6.8%) and Chicago (5.8%).
- For the first time since January, not a single major metro area was in negative territory.
Looking Ahead. The CoreLogic HPI Forecast indicates that home prices will not change on a month-over-month basis from October to November and the year-over-year increase will be 2.9% in October 2024.
Analysis. Dr. Selma Hepp, Chief Economist for CoreLogic, said the housing market remains strong despite rising rates. “…even with high mortgage rates, October’s price gains line up with historical trends and speak to the strength of some potential buyers’ purchasing power, as they continue to outnumber available homes for sale.”