{"id":8592,"date":"2023-08-03T03:43:11","date_gmt":"2023-08-03T03:43:11","guid":{"rendered":"https:\/\/imsfund.com\/?p=8592"},"modified":"2023-08-03T03:43:11","modified_gmt":"2023-08-03T03:43:11","slug":"home-prices-rise-for-the-fourth-straight-month-which-markets-are-improving","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/08\/03\/home-prices-rise-for-the-fourth-straight-month-which-markets-are-improving\/","title":{"rendered":"Home Prices Rise For the Fourth Straight Month\u2014Which Markets Are Improving?"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button x-on:click=\"open = !open\" class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<h2 class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/h2>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">Home prices seem to have turned a corner. While they\u2019re still down compared to a year ago, they\u2019ve steadily climbed\u2014at least month over month\u2014since February.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In fact, between February and May, home prices increased a full 4%, according to the CoreLogic S&amp;P Case-Shiller Index released in July.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Will that trend continue, though? And what markets are seeing the most change in pricing? Here\u2019s what the data tells us.<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Where Home Prices Are Rising Most<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">From April to May, national home prices increased just 1.2%, but in some markets, the jump was much higher, especially in larger metro areas. In Cleveland, for example, prices increased 2.7% over April. Chicago and Detroit both saw 2.3% increases, while San Diego and New York were just under 2%.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cPrice gains have been strongest in Midwest pandemic-laggers\u2014Cleveland, Chicago, Detroit\u2014which are now the hottest housing markets,\u201d says Selma Hepp, CoreLogic\u2019s chief economist.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She\u2019s right: The turnaround for these cities has been notable. In Cleveland, the average monthly price increase was just 1.4% in pre-pandemic days, while Chicago and Detroit\u2019s average jumps were even lower (Detroit\u2019s monthly increase has actually quadrupled since then).\u00a0<\/span><\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"1718\" height=\"766\" src=\"https:\/\/bpimg.twic.pics\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-02-at-4.09.01-PM.jpg?twic=v1\/cover=1718:766\/max=1000\" alt=\"Price appreciation this May compared to pre-pandemic averages during May (2015-2019, 2023) - CoreLogic\" class=\"wp-image-156034\" srcset=\"https:\/\/bpimg.twic.pics\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-02-at-4.09.01-PM.jpg?twic=v1\/cover=1718:766\/resize=1718\/max=1000 1718w, https:\/\/bpimg.twic.pics\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-02-at-4.09.01-PM.jpg?twic=v1\/cover=1718:766\/resize=300\/max=1000 300w, https:\/\/bpimg.twic.pics\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-02-at-4.09.01-PM.jpg?twic=v1\/cover=1718:766\/resize=1024\/max=1000 1024w, https:\/\/bpimg.twic.pics\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-02-at-4.09.01-PM.jpg?twic=v1\/cover=1718:766\/resize=768\/max=1000 768w, https:\/\/bpimg.twic.pics\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-02-at-4.09.01-PM.jpg?twic=v1\/cover=1718:766\/resize=1536\/max=1000 1536w, \" sizes=\"auto, (max-width: 1718px) 100vw, 1718px\" title=\"Home Prices Rise For the Fourth Straight Month\u2014Which Markets Are Improving? 2\"\/><figcaption class=\"wp-element-caption\"><em>Price appreciation this May compared to pre-pandemic averages during May (2015-2019, 2023) \u2013 <a href=\"https:\/\/www.corelogic.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CoreLogic<\/a><\/em><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">To be clear: It\u2019s not just these three markets seeing changes. All 20 of the biggest metros saw month-over-month price jumps in May. Other cities that saw bigger increases than the national average included Seattle, Minneapolis, Dallas, and Washington, D.C.<\/span> Below is the list of all 20 markets and their YoY changes.<\/p>\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/bpimg.twic.pics\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-02-at-4.17.09-PM.jpg?twic=v1\/cover=899:401\/max=1000\" alt=\"Year-over-year change in home prices (April 2023 - May 2023) - CoreLogic\" class=\"wp-image-156035\" width=\"899\" height=\"401\" srcset=\"https:\/\/bpimg.twic.pics\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-02-at-4.17.09-PM.jpg?twic=v1\/cover=899:401\/resize=899\/max=1000 899w, https:\/\/bpimg.twic.pics\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-02-at-4.17.09-PM.jpg?twic=v1\/cover=899:401\/resize=300\/max=1000 300w, https:\/\/bpimg.twic.pics\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-02-at-4.17.09-PM.jpg?twic=v1\/cover=899:401\/resize=768\/max=1000 768w, \" sizes=\"auto, (max-width: 899px) 100vw, 899px\" title=\"Home Prices Rise For the Fourth Straight Month\u2014Which Markets Are Improving? 3\"\/><figcaption class=\"wp-element-caption\"><em>Year-over-year change in home prices (April 2023 \u2013 May 2023) \u2013 CoreLogic<\/em><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Some of these spots even experienced year-over-year increases\u2014and significant ones, too. In Chicago, for instance, home prices have climbed 4.6% in the last year, and in Cleveland, it was nearly 4%.<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Looking Ahead at Home Prices<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">It\u2019s clear that prices are rising\u2014and quite a bit in some parts of the country. The question is whether those price trends will continue as the year goes on.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to CoreLogic, they likely won\u2019t. In fact, the monthly gains have slowed slightly since beginning in February, which could indicate those increases may plateau in the near future, the data firm reports.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cElevated mortgage rates and high home prices are putting pressure on potential buyers,\u201d Hepp says in a press release. \u201cThese dynamics are cooling recent month-over-month home price growth, which began to taper and is returning to the pre-pandemic average.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This leveling off seems even more likely as mortgage rates continue to surge. The current average rate on 30-year mortgage loans is\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">now above 7%<\/span><\/a><span data-preserver-spaces=\"true\">, according to\u00a0<\/span><em><span data-preserver-spaces=\"true\">Mortgage News Daily<\/span><\/em><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe rest of 2023\u2019s housing market activity will continue to depend on mortgage rates and the availability of for-sale homes, with neither likely improving for potential buyers in the near future,\u201d Hepp says. \u201cAs a result, 2023 homebuying activity may end up being the slowest in about a decade.\u201d<\/span><\/p>\n<div id=\"hero-block_62df1a82bfc88\" class=\"first:mt-0 hero-block py-4    has-background has-theme-gold-light-background-color has-text-color has-theme-gold-color\">\n<div class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 w-full \">\n<main class=\"py-4\"><\/p>\n<p class=\"has-theme-gold-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Get the Best Funding<\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\">Quickly find and compare investor-friendly lenders who specialize in your unique investing strategy. It\u2019s fast, free, and easier than ever!<\/p>\n<p><\/main>\n<\/div>\n<div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n<img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  shadow-xl rounded-md hidden lg:block\" src=\"https:\/\/bpimg.twic.pics\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Lender-Match.png\" alt=\"find a lender with lender match\" title=\"Home Prices Rise For the Fourth Straight Month\u2014Which Markets Are Improving? 4\"\/>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/home-prices-rose-for-the-fourth-straight-month\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article Home prices seem to have turned a corner. While they\u2019re still down compared to a year ago, they\u2019ve steadily climbed\u2014at least month over month\u2014since February.\u00a0 In fact, between February and May, home prices increased a full 4%, according to the CoreLogic S&amp;P Case-Shiller Index released in July. Will that trend continue, though? [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":8593,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/08\/Chicago-1-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-8592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/8592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=8592"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/8592\/revisions"}],"predecessor-version":[{"id":8594,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/8592\/revisions\/8594"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/8593"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=8592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=8592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=8592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}