CoreLogic: Thriving Home Price Growth in Less Expensive Areas as Other Regions Moderate

CoreLogic: Thriving Home Price Growth in Less Expensive Areas as Other Regions Moderate

Annual home price growth remained in double digits in September even as home sales and purchase mortgage volume continued their months’ long declines. The CoreLogic Home Price Index (HPI), the earliest look each month at prices two months prior, rose by 11.4 percent in September 2022 compared with the same month in 2021 . While appreciation remains high, even in the face of skyrocketing mortgage rates , they have declined significantly from the annual pace in both March and April of 20.9 percent. Month-over-month changes turned negative in July. From August to September the growth rate declined by 0.5 percent. Selma Hepp, CoreLogic’s Deputy Chief Economist said,” The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffo