National Home Price Gains Exceeded 20% in May

BRW MIAMI

Beyond Real Wealth founded in the 2012, is a company Located in North Miami Beach, Florida, United States, dedicated to provide the best and most up to date tools to acquire Mortgages, buy and sell Real Estate, Investments, Life Insurance, Retirement Accounts, Income Tax, Notary and Investor Visa. We experienced the difficulty of acquiring a mortgage to buy a real estate property and realize through family, friends and acquaintances the great need for financial aid. So, we decided to take hands on the matter and form a single entity that will take care of the main financial points of a family that shaped BRW MIAMI.

28 de July de 2022

CoreLogic: Tampa had the highest year-over-year home price gain, 33.4%, for the 20 biggest metros. Fla. was the state with the highest home price gain at 33.2%.

IRVINE, Calif. – CoreLogic’s Home Price Index for May reported that although U.S. home price growth relaxed slightly in May from April, it remained in double digits year-over-year for the 16th consecutive month. As in past months, all states and Washington, D.C., posted annual appreciation, with 13 states reporting gains of more than 20%.

Though U.S. home price growth relaxed slightly in May from April, it remained in double digits year over year for the 16th consecutive month. As in past months, all states and Washington, D.C. posted annual appreciation, with 13 states posting gains of more than 20%.

While rising interest rates cooled overheated demand this spring and are expected to contribute to slowing price growth over the next year, motivated buyers may have less competition and more opportunities moving forward.

“Slowing home price growth reflects the dampening consequence of higher mortgage rates on housing demand, which was the intention,” said Selma Hepp, deputy chief economist at CoreLogic. “With monthly mortgage expenses up about 50% from only a few months ago, fewer buyers are now competing for continually limited inventory. And while annual home

price growth still exceeds 20%, we expect to see a rapid decele

ration in the rate of growth over the coming year. Nevertheless,

the normalization of overheated buying conditions should bring

about more of a balance between buyers and sellers and a heal

thier overall housing market.”

Top takeaways

U.S. home prices (including distressed sales) increased 20.2% in May 2022, compared to May 2021. On a month-over-month basis, home prices increased by 1.8% compared to April 2022.

In May, annual appreciation of detached properties (20.9%) was 2.9 percentage points higher than that of attached properties (18%).

Annual U.S. home price gains are forecast to slow to 5% by May 2023 as rising mortgage rates and affordability challenges are expected to cool buyer demand.

Tampa, Florida, logged the highest year-over-year home price increase of the country’s 20 largest metro areas in May, at 33.4%, while Phoenix posted the second-largest hike, at 28.7%. These two metros also registered the largest gains in March and April.

Florida posted the highest home price gain, at 33.2% year-over-year, followed by Tennessee with 27.4%. Arizona ranked third with a 27.3% year-over-year increase. Washington, D.C. ranked last for appreciation at 4.3%, but CoreLogic forecasts that the rate of price growth there will rise slightly by May 2023.

Real estate

Contact us or whatsapp for immediate advice with one of our financial advisors.

Related Posts

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

0
0
0