“Home price appreciation continued to push forward in November, despite the new highs in mortgage rates seen over the year,” per CoreLogic’s Chief Economist, Dr. Selma Hepp. Their Home Price Index showed that home prices nationwide rose 0.2% from October to November, hitting a new all-time high for the seventh straight month. Prices were also 5.2% higher than in November 2022.
CoreLogic forecasts that home prices will fall 0.2% in December and rise 2.5% in the year going forward, though their forecasts tend to be on the conservative side historically. In fact, CoreLogic’s index is on pace for 7% appreciation in 2023, based on the readings for the first eleven months of last year.
What’s the bottom line? The latest rise in home prices reported by CoreLogic echoes the strong growth seen by other major indices like Case-Shiller and the Federal Housing Finance Agency. These reports continue to demonstrate why homeownership remains a good opportunity for building wealth through real estate.