Ahead of the Federal Reserve’s Federal Open Market Committee Meeting, CoreLogic has announced the release of its latest Home Price Insights report (HPI) covering September 2022 along with forecasts for 2023.
CoreLogic’s report is designed to provide an early indication of home price trends at the national, state, and metropolitan levels and has 40 years of data to compare to current trends.
On a national level, home prices (including distressed sales) increased on a yearly basis by 11.4% in September 2022. On a monthly basis, the HPI declined by 0.5% in September 2022 compared to August 2022.
Looking ahead, the report forecasts that home prices will remain steady in October 2022 on a month-to-month basis and increase on a yearly basis to 3.9% by September 2023.
According to CoreLogic, home price growth continued to relax on a year-over-year basis in September, now posting a 11.4% increase. Florida, along with most of the Southeastern states, posted “significantly higher price gains” than the national growth rate as the state led the country in home price gains for the eighth consecutive month.
As rising mortgage rates continue to dampen housing demand nationwide, outbound migration from expensive cities on either coast is predicted to fuel future homebuyer demand for their destinations in the relatively cheap Southeast.
”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 CoreLogic’s Interim Lead, Deputy Chief Economist. “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.”
Click here to read CoreLogic’s report in its entirety.