CoreLogic’s latest Home Price Index (HPI) and HPI Forecast for June 2023 has found that while annual home price growth remained near an 11-year low in June at 1.6%, the gain was slightly higher than reported in May 2023, indicating that appreciation could be bottoming out. This marked the 137th straight month of year-over-year gains, and a pivot after 13 months of slowing. National home prices increased by 4.8% since the beginning of the year in June, marking the sixth consecutive month of gains.
CoreLogic expects year-over-year U.S. home price appreciation to pick up for the rest of 2023, and reach approximately 7% by early 2024. CoreLogic forecasts show annual U.S. home price gains increasing to 4.3% by June 2024.
Nationwide, 10 states and the District of Columbia posted annual home price declines in June 2023, with some of the largest losses again recorded in the Northwest region of the U.S. However, as the Western region of the nation is struggling with a lack of housing inventory, prices in that region are likely to remain elevated over the long term.
“While the continued imbalance between buyers and sellers continues to pressure home prices, June’s annual bump in price growth echoes economic resiliency, a thriving U.S. job market, and strong consumer spending,” said Selma Hepp, Chief Economist for CoreLogic. “And while higher mortgage rates are impacting affordability for buyers with loans, almost four in 10 sales are all-cash transactions. Also, most baby-boomer homeowners have substantial equity, which could be putting pressure on prices in markets where that generation is currently migrating.”
Nationwide, Miami posted the highest year-over-year home price increase of the country's 20 tracked metro areas in June 2023, at 8.9%, with Detroit reporting the next-highest gain (4.2%), followed by Atlanta with 3.9%. The strongest home price gains since the beginning of 2023 have been in the Northeast, with New Hampshire, Connecticut, Rhode Island, and New Jersey; and in the Midwest, with Missouri, Wisconsin, and Ohio.
Ranking by state, New Jersey took the top spot for annual appreciation in June (up by 6.9%), followed by New Hampshire and Vermont (both up by 6.4%). Ten states and one district recorded annual home price losses, including:
- Idaho (-8%)
- Washington (-5.8%)
- Montana (-5.7%)
- Nevada (-5.3%)
- Arizona (-4.1%)
- Utah (-3.8%)
- Oregon (-2.3%)
- California (-2.2%)
- Colorado (-1.8%)
- Washington, D.C. (-0.6%)
- New York (-0.3%)
In June, CoreLogic found the annual appreciation of attached properties (2.3%) was 0.9 percentage points higher than that of detached properties (1.4%).