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The data shows that home prices posted a 0.5 percent decline between August and September and were up 11.4 percent from September 2021 — a relaxed rate of annual growth compared to previous months.
The once out-of-control housing market has largely been brought to heel by the steep increase in mortgage rates, which surpassed 7 percent in October, bringing the share of income required to make a typical monthly mortgage payment up to 30 percent.
Price growth is uneven across the country as some markets that saw unprecedented growth during the COVID-19 pandemic have begun price correction while others are still seeing a sustained rate of migration.
“The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potential local homebuyers,” Selma Hepp, interim lead of the office of the chief economist at CoreLogic, said in a statement. “On the West Coast and in Mountain-West states, home prices are slowing from this spring’s high but remain elevated from a year ago. By contrast, markets that continue to see an in-migration of higher-income households are still experiencing home price gains that are notably higher than the national rate of appreciation.”
For instance, Miami’s price growth has continued at a strong pace, growing 25.6 percent annually — the largest of the country’s 20 biggest metro areas, while Tampa sat in the second-place spot with 23.3 percent growth.
Florida posted the highest overall annual price gains at 23 percent, followed by South Carolina which saw 17.6 percent growth. Tennessee ranked third with a 17.4% year-over-year increase while Washington, D.C. ranked last for appreciation at just 1.8 percent.