{"id":174363,"date":"2023-03-08T09:21:33","date_gmt":"2023-03-08T16:21:33","guid":{"rendered":"https:\/\/inbusinessphx.com\/?p=174363"},"modified":"2023-03-08T09:21:33","modified_gmt":"2023-03-08T16:21:33","slug":"u-s-annual-home-price-growth-continues-single-digit-slowdown-in-january","status":"publish","type":"post","link":"https:\/\/staging.inbusinessphx.com\/?p=174363","title":{"rendered":"U.S. Annual Home Price Growth Continues Single-Digit Slowdown in January"},"content":{"rendered":"
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CoreLogic<\/a>\u00ae, a leading global property information, analytics and data-enabled solutions provider, released the CoreLogic Home Price Index<\/a> (HPI\u2122<\/sup>) and HPI Forecast\u2122<\/sup> for January 2023.<\/p>\n

U.S. home prices continued their gradual free fall in January, with the 5.5% annual gain down for the ninth straight month and the lowest recorded since June 2020. Deceleration was particularly noticeable in the Western U.S. and other states and metro areas that saw substantial appreciation over the past few years. Three Northwestern states (along with Washington, D.C.) posted at least slight annual declines as migration patterns that began during the pandemic shifted, slowing demand and driving price decreases.<\/p>\n

\u201cWhile 2023 kicked off on a more optimistic note for the U.S. housing market, recent mortgage rate volatility highlights how much uncertainty remains,\u201d said Selma Hepp, chief economist at CoreLogic. \u201cNevertheless, the continued shortage of for-sale homes is likely to keep price declines modest, which are projected to top out at 3% peak to trough.\u201d<\/p>\n

\u201cHome price depreciation and strong income growth are expected to boost affordability, which is particularly important for first-time buyers,\u201d Hepp continued. \u201cThis group has accounted for a higher share of mortgage applications since last summer, as first-time buyers don\u2019t need to surrender an extremely low mortgage rate like current homeowners.\u201d<\/p>\n

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