This report from CoreLogic provides insights into the state of the U.S. housing market as of September 2023, with forecasts looking ahead to July 2024. It's important information for homebuyers in the Northeast USA to understand the broader housing market trends. Here's a summarized version that highlights key points:
Home Price Trends:
- In July 2023, home prices across the nation increased by 2.5% compared to July 2022.
- On a monthly basis, home prices rose by 0.4% from June 2023 to July 2023.
In Fairfield County, CT we saw the Median home price rise from 645k in 2022 to 695k. In Westchester County, NY we saw a 30k increase from 800k to 830k.
The photo below indicates that NY has had a 1-3% increase year over year and that CT has had a 5-7% increase year over year. The Westfield Team is focused on a hyper local scale and uses the Multiple Listing Service (MLS) for data analysis. In the Fairfield County market, we have seen a 7.75% increase year over year whereas In the Westchester market, we have seen a 3.8% increase, a different picture than indicated in CoreLogic's statewide data.
Future Price Predictions:
- The CoreLogic Home Price Index (HPI) Forecast suggests that home prices will continue to rise:
- They are expected to increase by 0.4% from July 2023 to August 2023.
- Year-over-year, a 3.5% increase is projected from July 2023 to July 2024.
Impact of Mortgage Rates:
- High mortgage rates have slowed additional price surges, with monthly increases returning to regular seasonal averages in some local markets. Areas viewed as highly-desireable by millennial buyers, today's majority, are stil seeing increases month over month unlike historical counterparts, despite the mortgage rates.
- The projection of prolonged higher mortgage rates has tempered price increase forecasts, especially in less-affordable markets.
6. Market Risk Indicator:
- The CoreLogic Market Risk Indicator (MRI) identifies markets at risk of home price decline. Provo-Orem, UT, is noted as being at very high risk (70%+ probability) of a decline in home prices over the next year.
- Other markets, including Spokane-Spokane Valley WA, Cape Coral-Fort Myers, FL, North Port-Sarasota-Bradenton, FL, and Lakeland-Winter Haven, FL, are also at very high risk for price declines.
This report is a valuable resource for homebuyers, particularly in the Northeastern USA, as it provides insights into the current state of the housing market and forecasts for the near future. It's essential for making informed decisions about buying or selling a home in the region.
Contact The Westfield Team to discuss your needs and wants for your home search or how we can help you capitalize on this continually hot market.