Dive into the latest real estate trends with CoreLogic’s U.S. Home Price Insights report for February 2024, providing a comprehensive look at home price data through December 2023, coupled with intriguing forecasts extending through December 2024.

Steady Growth in Home Prices

In December 2023, the U.S. witnessed a notable year-over-year surge in home prices, marking a 5.5% increase. Although there was a marginal dip of -0.1% compared to November, the overall trajectory remained positive.

Fueling the Momentum: A Robust Job Market

Contributing to this upward trend is a robust job market, creating a surge in mortgage and housing demand. CoreLogic’s Loan Performance Index report underscores this correlation, while recent data from the U.S. Bureau of Labor Statistics reveals the addition of 353,000 new jobs in January 2024.

Despite the flourishing demand, the supply of homes for sale continues to be constrained, contributing to the overall upward pressure on prices.

Nationally, home prices experienced a consistent 5.5% year-over-year increase in December 2023. Remarkably, for the first time since late 2022, no state or district reported year-over-year declines, highlighting the widespread nature of the positive trend.

Navigating Risks: CoreLogic Market Risk Indicator (MRI)

For those keen on understanding market dynamics, the CoreLogic Market Risk Indicator (MRI) serves as a valuable tool, offering a monthly snapshot of housing market health across the U.S.

In the most recent analysis, Spokane–Spokane Valley, WA, emerges as the most at-risk metro, with a 70%-plus probability of home price decline over the next 12 months. Following closely are:

1. West Palm Beach-Boca Raton-Delray Beach, FL
2. Tampa-St. Petersburg-Clearwater, FL
3. Atlanta-Sandy-Springs-Roswell, GA
4. Deltona-Daytona Beach-Ormond Beach, FL

Stay informed as we navigate the dynamic landscape of the real estate market, where economic factors, job markets, and regional dynamics converge to shape the future of home prices.