Annual Home Price Growth Up 4.4 Percent

Mar 05, 2019

Home prices in January rose by 4.4 percent from one year earlier, according to new data from CoreLogic. January marked the slowest year-over-year growth rate since August 2012. On a month-over-month basis, January’s prices inched up by a scant 0.1 percent from the previous month.

Two states recorded double-digit annualized home price growth in January: Idaho with an 11.2 percent increase and Nevada with a 10.2 percent rise. Louisiana and North Dakota were the only states recording negative growth for the period, falling 0.8 percent and 0.7 percent, respectively. CoreLogic also determined that 35 percent of the nation’s 100 largest metropolitan areas had an overvalued housing market as of January, while 27 percent were undervalued and 38 percent were at value.

Furthermore, CoreLogic forecasted that the 2019 annual average home price will increase 3.4 percent above the 2018 annual average. On a month-over-month basis, CoreLogic predicted home prices will decrease by 0.9 percent from January to February.

“The spike in mortgage interest rates last fall chilled buyer activity and led to a slowdown in home sales and price growth,” said Frank Nothaft, Chief Economist for CoreLogic. “Fixed-rate mortgage rates have dropped 0.6 percentage points since November 2018 and today are lower than they were a year ago. With interest rates at this level, we expect a solid homebuying season this spring.”

About the author

Phil Hall

Link copied

Published

Mar 05, 2019

Analysis and Data

Mortgage Lenders Have Work To Do When It Comes To Customer Service, Survey Says

The American Customer Satisfaction Index reported mortgage lenders rank in the bottom nine among ACSI-measured industries.

In the inaugural American Customer Satisfaction Index (ACSI) results, released today, mortgage lenders come up short-handed for customer satisfaction with a debut score of 75, placing the industry on the lower end of the Index overall, which is measured on a scale of 0-100. ...

Analysis and Data

Single-Family Home Prices Increased 5.9% Year-Over-Year

Home prices rose a seasonally adjusted 1.3% during Q3 2024

Single-family home prices increased 5.9% from Q3 2023 to Q3 2024, a deceleration compared to the previous quarter’s downwardly revised annual growth rate of 6.4%. That's according to the latest reading of the Fannie Mae Home Price Index (FNM-HPI), a national, repeat-trans...

Feb

California Mortgage Expo — Palm Springs

Palm Springs, CA

More from

Industry News

UWM's Motion To Dismiss RICO Class Action Denied As Moot

Plaintiffs' late August filing of an amended complaint means UWM must file a new motion to dismiss if it wishes to proceed with having the case thrown out.

Courts

Oct 11, 2024

Michigan Mortgage Moguls Make The Forbes 400 List

Dan Gilbert and Mat Ishbia were numbers 27 and 65 on Forbes' list, respectively.

Industry News

Oct 11, 2024

The Agency, Barrett Financial Group Launch Joint Venture

Aclara Lending will offer its luxury clients a diverse selection of loan products, sourced from 140 different wholesalers.

Industry News

Oct 07, 2024

NAR's Chief Legal Officer Steps Down

Katie Johnson led the association's legal team for 10 years