According to CoreLogic's recently released Home Price Index (HPI) and HPI Forecast for May, the annual U.S. home price growth dropped to a 1.4% increase YoY. This is the first time since 2012 the growth rate has dropped below 2%. The YoY price decline in several Western states is attributed to people migrating from less-urban locations and the fall in housing affordability due to surging prices. - On the contrary, Northeastern and southeastern metro areas saw the largest price increases as homebuyers moved to job centers and preferred living in relatively affordable places.
- Chief economist at CoreLogic, Selma Hepp, said although the YoY growth has decelerated, the upward trend in monthly price gains remains strong despite rising mortgage rates.
- Miami recorded the most significant YoY price gain of 11.8%, followed by Atlanta and Charlotte, both at 4.4%.
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