According to CoreLogic’s August 2023 Home Price Index, U.S. home prices experienced their biggest gain since February 2023. Home prices rose 3.7% annually in August, evidencing the expanding strength of the housing market and increasing activity in most of the nation’s major markets. Notably, these prices have increased steadily for the past three consecutive months, indicating impressive market performance despite Covid-19 concerns.
The report also showed that home prices have begun to expand more quickly in the nation’s most expensive markets. With double-digit year-over-year increases in 15 states, it is evident that the high-end market is seeing very strong price appreciation. This could be due to the fact that the wealthy are benefiting from lower tax rates and pandemic-related investments, and consequently, they are more likely to be able to purchase higher-priced homes.
Key points:
• US home prices posted their biggest annual gain since February 2023
• Home prices rose 3.7% annually in August
• Prices have increased steadily for the past three consecutive months
• Double-digit year-over-year increases in 15 states
• Evidence that wealthy are benefiting from lower tax rates and pandemic-related investments
You can read this full article at: https://www.housingwire.com/articles/home-prices-are-likely-to-fall-in-these-markets/(subscription required)
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