Home-price growth slides to June 2020 pace MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

These metros experienced the highest year-over-year rates of home-price growth in January. Courtesy of CoreLogic. The year-over-year pace of national home-price increases slowed to its lowest rate since June 2020 in January, CoreLogic reported, citing its monthly Home Price Insights report. Home prices were up five point five percent annually in January and down point two percent on a monthly basis. Looking ahead, CoreLogic expects year-over-year appreciation to slow to three point one percent in February with a month-over-month decline of point one percent. “While 2023 kicked off on a more optimistic note for the U.S. housing market, recent mortgage rate volatility highlights how much uncertainty remains,” Chief Economist Selma Hepp said in a press release.

 “Nevertheless, the continued shortage of for-sale homes is likely to keep price declines modest, which are projected to top out at three percent peak to trough.” Geographically, the deceleration of home prices was most dramatic in the Western U.S. and other areas that experienced the most appreciation over the past few years. Three Northwestern states Idaho, Montana and Washington  and Washington, D.C., actually saw annual declines, CoreLogic noted. Meanwhile, the states with the highest annual increases were Florida (thirteen point four percent), Maine (eleven point five percent) and South Carolina (ten point seven percent).  Miami posted the highest annual increase among the country’s twenty largest metro areas, at seventeen point three percent, followed by Houston at six point nine percent and Chicago at four point five percent.  

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