Home prices have seen a moderate month-over-month rise, accompanying a more pronounced year-over-year rise, according to the latest Home Price Insights (HPI) report from CoreLogic.
The report states that home prices rose nationally from November 2023 to November 2024 at a rate of 3.4%. Month-over-month, home prices saw a 0.6% rise from October to November, and are predicted to have a modest decline from November to December at a rate of 0.2%.
This is against a backdrop of CoreLogic’s prediction that prices will again rise year-over-year in 2025, with the prediction being that from November 2024 to November 2025 there will be a 3.8% increase in home prices nationally.
“Heading into the end of the year, home prices remained relatively flat, though showing some marginal improvement from the weakness seen moving into the fall and following the cooling of homebuyer demand amid the summer mortgage rate surge,” said Dr. Selma Hepp, CoreLogic chief economist. “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 price appreciation and partly due to higher mortgage rates coming into this year and the expectations of higher rates over the course of 2025.”
The Midwest, particularly the Appalachian region, saw marked growth in home prices year-over-year—more specifically, the Wheeling region in West Virginia and Ohio, along with the Johnstown, Pennsylvania, metro; and the Huntington-Ashland metropolitan area that encompasses seven counties from Kentucky, Ohio and West Virginia.
Wheeling saw a 20% growth in price year-over-year, while Johnstown saw 16% and Huntington-Ashland saw a 14.8% price growth increase, according to the report. According to CoreLogic’s heat map, the Northeast was also a major area of price growth.
Outliers in the continued price growth—which has been a theme since the pandemic—were regions in the West. Wyoming, Idaho, Washington and Hawaii all saw their prices trending away from their previous November peaks, with price declines ranging from 3.5% to 2%.
Hepp added that “regionally, variations persist, as some affordable areas—including smaller metros in the Midwest—remain in high demand and continue to see upward home price pressures.”
For the full report, click here.
