U.S.

home-price
appreciation
continued
to
slow
in
July,
a
trend
that
is
expected
to
continued
through
next
summer,
according
to


CoreLogic
data
released
this
week.

National
home
prices
were
virtually
flat

compared
to
June
and
rose
4.3%
year
over
year
in
July.
Stagnant
prices
during
the
typically
busy
summer
home-buying
season
are
unusual,
CoreLogic
reported,
as
this
was
only
the
second
time
since
2010
that
prices
didn’t
increase
from
June
to
July.
The
other
exception
occurred
in
2022
following
a
surge
in

mortgage
rates.

The
real
estate
analytics
company
noted
that
July
marked
a
150th
straight
month
of
annualized
growth
in
home
prices,
but
these
gains
slipped
below
5%
for
a
third
straight
month.
Additionally,
CoreLogic
forecasts
significant
slippage
in
annual
price
appreciation
with
estimated
growth
of
2.2%
by
July
2025.

“Housing
demand
continued
to
buckle
under
the
pressure
of
high
mortgage
rates
and
unaffordable
home
prices,
leading
to
a
considerable
slowing
of
home
price
gains
during
the
summer,“
CoreLogic
Chief
Economist
Selma
Hepp
said
in
a
statement.

“The
question
for
home
prices
going
forward
is
whether

the
upcoming
rate
cut
from
the
Fed
and
expected
continuation
of
falling
mortgage
rates
will
be
sufficient
to
motivate
potential
homebuyers
who
may
start
to
fear
cooling
labor
market
and
continued

uncertainty
of
a
soft
landing,
along
with
anticipation
around
the

presidential
election.
And
while
lower
mortgage
rates
are
a
boost
to
affordability
and
are
likely
to
help
buyer
demand,
the
usual
fall
housing
market
slowdown
is
upon
us
and
is
likely
to
contain
any
significant
surge
in
activity.”

Some
areas
of
the
country
are
bucking
the
national
trend.

Rhode
Island
led
all
states
in
July
with
10.6%
year-over-year
price
growth,
followed
by

New
Jersey
(+9.7%)
and

Connecticut
(8.3%).
No
states
posted
a
price
decline
compared
to
July
2023.

CoreLogic’s
analysis
of
the
10
largest
U.S.
metro
areas
showed
that

Miami
led
the
way
with
9.1%
price
growth
for
the
year
ending
in
July.
It
was
followed
by

Chicago
(+7.2%)
and

Las
Vegas
(+7%).

Four
of
the
five
markets
deemed
most
at
risk
of
a
price
decline
over
the
next
year
were
in
the
Southeast.
These
include
Atlanta
and
the
Florida
metros
of
Gainesville,
Palm
Bay
and
Lakeland.

CoreLogic’s
national
report
was
reinforced
by

Bright
MLS
regional
data
released
Wednesday.
Home
prices
in
six
Mid-Atlantic
states
and
the
District
of
Columbia
rose
4.2%
year
over
year
in
August.
Home
sales
across
the
region
were
down
0.7%
year
over
year
but
were
considerably
slower
in
the
major
metros
of
Philadelphia
(-3.3%)
and
Washington,
D.C.
(-5.1%).
The
4,351
sales
in
D.C.
last
month
were
the
lowest
for
the
month
of
August
since
2008.

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