According to the latest House Price Insight (HPI), house prices are rising modestly month-on-month, with more pronounced year-on-year increases. Reports from CoreLogic.
According to the report, home prices nationwide increased at a rate of 3.4% from November 2023 to November 2024. House prices rose by 0.6% from October to November compared to the previous month, but are expected to decline slightly by 0.2% from November to December.
This comes on the back of CoreLogic’s prediction that prices will rise again year-on-year in 2025, with house prices predicted to rise by 3.8% nationwide from November 2024 to November 2025.
CoreLogic’s Dr Thelma Hepp said: “Housing prices remained relatively flat towards the end of the year, but the decline seen into the fall and the dampening demand for home purchases due to rising mortgage rates over the summer Since then, he has shown some improvement.” Chief economist. “Nevertheless, the slowdown in the upward trend in house prices is expected to continue into 2025, due in part to base effects and comparisons with strong price increases in early 2023, and in part to this year’s This is due to the rise in mortgage interest rates since the beginning of 2025 and the expected rise in interest rates from 2023 onwards.”2025 course. ”
Home prices in the Midwest, particularly in Appalachia, rose significantly year over year. Specifically, the Wheeling area of West Virginia and Ohio, and the Johnstown, Pennsylvania, metro. and the Huntington-Ashland metropolitan area, which includes seven counties in Kentucky, Ohio, and West Virginia.
Wheeling saw a 20% year-over-year price increase, Johnstown saw a 16% increase and Huntington-Ashland saw a 14.8% increase, according to the report. The Northeast was also a major region for price increases, according to CoreLogic’s heatmap.
The outlier in the continued price increases that has been a theme since the pandemic was the western region. Prices in Wyoming, Idaho, Washington, and Hawaii all trended away from their previous November peaks, with price declines ranging from 3.5% to 2%.
Mr Hepp added:Regional volatility continues as demand remains high in some affordable areas, including small metropolitan areas in the Midwest, and upward pressure on home prices continues. ”
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