Home prices increased by 3.7 percent year-over-year and one percent month-over-month in March, according to new data from CoreLogic.
During March, CoreLogic estimated that 35 percent of the nation’s largest metro areas had overvalued housing markets, while 26 percent were undervalued and 39 percent were at value. Looking ahead, CoreLogic is forecasting home prices will rise by 4.8 percent on a year-over-year basis from March 2019 to March 2020 but will dip by 0.3 percent from March 2019 to April 2019.
“The U.S. housing market continues to cool, primarily due to some of our priciest markets moving into frigid waters,” said Ralph McLaughlin, Deputy Chief Economist at CoreLogic. “But the broader market looks more temperate as supply and demand come into balance. With mortgage rates flat and inventory picking up, we expect more buyers to take advantage of easing housing market headwinds.”