Business wire
- 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.
- 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.
CoreLogic: Northeastern, New England States Continue to Lead US for Annual Home Price Growth in November
Media Contact:
Robin Wachner
newsmedia@corelogic.com
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released the
ndex=1&md5=46f26fde473a313f15b4779dc76611f4" shape="rect">CoreLogic Home Price Index
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250107266531/en/
Figure 1: HPI & HPI F
orecast % Change YoY (Graphic: Business Wire)
U.S. home price gains remained static since the summer of 2022 in November, but 17 states reached new highs, with the nation as a whole expected to see a new peak this April, as the typically busy homebuying season launches into full swing. The growth comes as Freddie Mac announced that 30-year, fixed-rate mortgages rose to almost 7% as 2025 began, the highest recorded since July 2024. Although mortgage rates are expected to remain elevated for the rest of the year, buyer demand is healthy, particularly in more budget-friendly markets.
“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.”
Top Takeaways:
- U.S. single-family home prices (including distressed sales) increased by 3.4% year over year in November 2024 compared with November 2023. On a month-over-month basis, home prices rose by 0.06% compared with October 2024.
- In November, the annual appreciation of detached properties (3.7%) was 2 percentage points higher than that of attached properties (1.7%).
- CoreLogic’s forecast shows annual U.S. home price gains increasing to 3.8% in November 2025.
- Chicago posted the highest year-over-year home price increase of the country's 10 tracked metro areas in November, at 5.8%. Miami saw the next-highest gain at 5.6%.
- Among states, New Jersey ranked first for annual appreciation in November (up by 7.8%), followed by Rhode Island (up by 7.3%) and New Hampshire (up by 6.9%). No state recorded a year-over-year home price loss.
The next CoreLogic HPI press release, featuring December 2024 data, is scheduled to be issued on February 4, 2025, at 8 a.m. EST.
Methodology
The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 45 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the Single-Family Combined tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.
CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — Single-Family Combined (both attached and detached) and Single-Family Combined Excluding Distressed Sales. As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index.
About Market Risk Indicators
Market Risk Indicators are a subscription-based analytics solution that provide monthly updates on the overall health of housing markets across the country. CoreLogic data scientists combine world-class analytics with detailed economic and housing data to help determine the likelihood of a housing bubble burst in 392 major metros and all 50 states. Market Risk Indicators is a multi-phase regression model that provides a probability score (from 1 to 100) on the likelihood of two scenarios per metro: a >10% price reduction and a ? 10% price reduction. The higher the score, the higher the risk of a price reduction.
About the Market Condition Indicators
As part of the CoreLogic HPI and HPI Forecasts offerings, Market Condition Indicators are available for all metropolitan areas and identify individual markets as overvalued, at value or undervalued. These indicators are derived from the long-term fundamental values, which are a function of real disposable income per capita. Markets are labeled as overvalued if the current home price indexes exceed their long-term values by greater than 10% and undervalued where the long-term values exceed the index levels by greater than 10%.
Source: CoreLogic
The data provided are for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Robin Wachner at newsmedia@corelogic.com. For sales inquiries, visit https://www.corelogic.com/support/sales-contact/. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.
About CoreLogic
CoreLogic is a leading provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences that build better relationships, strengthen businesses and ultimately create a more resilient society. For more information, please visit www.corelogic.com.
CORELOGIC, the CoreLogic logo, CoreLogic HPI and CoreLogic HPI Forecast are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250107266531/en/
Add Comment