Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
735,718-296
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.94%0.02
Housing MarketReal Estate

Home prices are likely to fall in these markets

On a yearly basis, CoreLogic projects home price appreciation to relax slightly by August 2024 to 3.4%

U.S. home prices posted their biggest annual price increase since February 2023, reaching a 3.7% price gain in August, according to CoreLogic’s August 2023 Home Price Index. While home prices ticked up 0.3% month-over-month and forecasters expect continued growth over the next year, there are some housing markets likely to see price drops.

The median sales price for a U.S. single-family home did not budge in August, hovering at $375,000. It varied across states with California ($705,000), the District of Columbia ($630,000) and Massachusetts ($585,000) ranking as the top markets.

Year-over-year home prices have been rising continuously for 139 months, but the CoreLogic HPI Forecast points to a cooling of home price appreciation in 2024. It should ease to a 3.4% increase in August 2024 and a 0.2% increase in September 2023 according to the forecast.

image002 (3)

“While continued mortgage rate increases challenge affordability across U.S. housing markets, home price growth is in line with typical seasonal averages, reflecting strong demand bolstered by a healthy labor market, strong wage growth and supporting demographic trends,” Selma Hepp, chief economist for CoreLogic, said in a statement. “Still, with a slower buying season ahead and the surging cost of homeownership, additional monthly price gains may taper off.”

Where prices are likely to fall 

New Hampshire, Maine, Vermont and Rhode Island posted the largest yearly price increases in August. Meanwhile, eight states recorded home price decreases, most of them in the West: Idaho (-4%), Montana (-2.7%), Nevada (-2.3%), Utah (-2%), Washington (-1%), Arizona (-0.9%), Texas (-0.4%) and New York (-0.2%).

However, the report highlighted that  “while some states in the West still posted annual home price losses in August, that number has been decreasing since the spring of this year.” 

Miami continued to post the biggest home price growth in the country, at a 8.3% price increase in August. Forecasters at CoreLogic expect the declines in Southwest cities such as Las Vegas and Phoenix to reverse, with forecasted growth turning positive.

image003-2

Meanwhile, the markets most at risk of price declines in the next 12 months were: Spokane-Spokane Valley, Washington; Cape Coral-Fort Myers, Florida; Youngstown-Warren-Boardman Ohio; Ocala, Florida; and Deltona-Daytona Beach-Ormond Beach, Florida, according to the CoreLogic Market Risk Indicator(MRI).

image004-1

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please