Homebuyers in South Florida may have to wait longer than expected to see lower prices. According to the latest data from CoreLogic, Detroit posted the highest year-over-year home price increase of the country’s 20 tracked metro areas in November, at 8.7%. Miami saw the next-highest gain (8.3%), followed by Charlotte, North Carolina (7.4%).
“Home price appreciation continued to push forward in November, despite the new highs in mortgage rates seen over the year,” Dr. Selma Hepp, chief economist for CoreLogic stated in a press release. “And while the annual growth reflects comparison with last year’s declines, seasonal gains remain in line with historical averages. However, in some metro areas, such as those in the Mountain West and the Northwest, higher interest rates are having a greater impact on homebuyers’ budgets, which is contributing to a larger seasonal slump. This continued strength remains remarkable amid the nation’s affordability crunch but speaks to the pent-up demand that is driving home prices higher,” Hepp continued. “Markets where the prolonged inventory shortage has been exacerbated by the lack of new homes for sale recorded notable price gains over the course of 2023.”
Other notable statistics from the report revealed:
- U.S. single-family home prices (including distressed sales) increased by 5.2% year over year in November 2023 compared with November 2022.
- On a month-over-month basis, home prices rose by 0.2% compared with October 2023.
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