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Home price growth slows once again in June: CoreLogic

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Home prices surged in June, but growth has slowed again, according to the latest CoreLogic Home Price Index. (iStock)

Home price growth slowed in June but remained near historic highs, according to latest CoreLogic Home Price Index (HPI).

House prices rose 18.3% annually in June, the 125th consecutive month of annual gains, according to the report. But it’s also his second consecutive month in which home price growth slowed from all-time highs.

And this slowdown is likely to continue over the coming months. CoreLogic predicts that home price growth will slow to 4.3% year-over-year by June 2023.

“Signs of a broader slowdown in the housing market are clear, with home price growth slowing for the second month in a row,” said Thelma Hepp, interim head of CoreLogic’s chief economist’s office.

“This is in line with previous expectations, given that buyer demand has cooled significantly due to higher mortgage rates and the accompanying rise in home ownership costs,” Hepp said. “Nevertheless, buyers are still interested and the market remains competitive, especially for attractive homes at reasonable prices.”

According to a CoreLogic report, home prices rose 0.6% each month from May to June.

If you want to take advantage of the increased home value, you can consider refinancing your cash out. Visit Credible to see personalized interest rates without affecting your credit score.

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These cities had the highest rate of increase in house prices

In terms of annual house price increases, CoreLogic said some metropolitan areas saw well above the national average of 18.3% in June.

Among the 20 largest metros in the United States, Tampa, Florida, once again The annual rate of increase in house prices was the highest at 32.6%. Phoenix moved him up to second place with 26.1%. However, both of these cities had lower annual growth in June than in May.

By state, Florida housing had the highest annual growth rate at 31.8%, followed by Tennessee at 25.8% and Arizona at 24.9%. Washington, DC had the lowest growth rate, just 3.4% for the year.

If you’re interested in withdrawing cash from your home to pay off debt or fund a home improvement project, you can consider cash out refinancing. Visit Credible to compare multiple mortgage lenders at once And choose the one with the best interest rate for you.

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How to take advantage of higher home values

With home prices skyrocketing to high levels every year, there are a number of ways homeowners can take advantage of increased home values. For example, homeowners selling their homes in today’s market, even those who recently bought their homes like last year, can make a substantial profit.

Homeowners can also refinance their mortgages. You can withdraw funds from your home using cash out refinancing. If a homeowner extends the loan term or lowers the interest rate, they can get cash out of their home while also reducing their monthly mortgage payments.

If you want to know your mortgage options, Contact Credible to talk to a mortgage expert Have all the questions answered.

Have a financial question and don’t know who to ask? Email a Credible Money Expert [email protected] Your question may be answered in Credible’s Money Expert column.

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