Notes: This CoreLogic House Price Index report is for November. The recent Case-Shiller index release was for October. The CoreLogic HPI is a three-month weighted average and is not seasonally adjusted (NSA). From CoreLogic: CoreLogic: Northeastern, New England States Continue to Lead US for Annual Home Price Growth in November
• The national home price gain was 3.4% year over year in November 2024, down from the 5.2% growth recorded in the same month of 2023.This was the same YoY increase as reported for October.
• Home prices are projected to rise by 3.8% annually by November 2025 after hitting a new high this spring.
• Northeastern and New England states took the top five spots for year-over-year appreciation.
• Seventeen states posted new price peaks in November.
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U.S. home price gains remained static since the summer of 2022 in November, but 17 states reached new highs ...
“Heading into the end of the year, home prices remained relatively flat though showing some marginal improvement from the weakness seen heading into the fall and following reduced homebuyer demand amid the summer mortgage rate surge,” said CoreLogic Chief Economist Selma Hepp. “Nevertheless, the cooling home price growth trend is expected to continue well into 2025 partly due to the base effect and comparison with strong early 2023 appreciation and partly because of the expectations of higher mortgage rates over the course of 2025,” Hepp continued. “Regionally, variations persist, as some more affordable areas – including smaller metros in the Midwest – remain in high demand and continue to see upward home price pressures.”
emphasis added
Nationally, home prices increased by 3.4% year over year in November. No state posted an annual home price decline. The states with the highest increases year over year were New Jersey (up by 7.8%) and Rhode Island (up by 7.3%).
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