CoreLogic: Real estate price growth continued to slow in October

According to CoreLogic’s home price index report, U.S. home prices rose 0.2% in October compared to September and only 3.4% compared to October 2023.

The increase in house prices has been relatively flat since this summer and in some markets house prices have fallen.

“Similar to much of the real estate market activity, home prices continued to move mostly sideways in October,” said Selma Hepp, chief economist at CoreLogic, in a statement. “A slight increase in home prices after a decline in late summer reflects the recovery in home buying demand that resulted from a brief but effective decline in mortgage rates in August.”

“As we continue to make headway in the real estate market during this slower time of year, home prices are not expected to reveal much about what lies ahead in the spring home buying market,” Hepp says. “In recent years, however, home prices have risen higher in the spring than before the pandemic, despite increased mortgage rates.”

In October, Chicago recorded the highest annual home price increase among major cities at 6.4%. Miami was second at 6.2%.

States that saw the highest annual home price increases included New Jersey at 8.1%, Rhode Island at 7.5% and New Hampshire at 6.3%.

At the end of October, the average sales price for a single-family home in the United States was $385,000.

Photo: Gustavo Zambelli