DS News

DS News Jan 2023

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

Issue link: http://digital.dsnews.com/i/1490081

Contents of this Issue


Page 6 of 83

5 HOUSING MARKET TO SHOW RESILIENCE IN 2023 CoreLogic has released its latest Home Price Index (HPI) and HPI Forecast, as year-over-year home price growth ended its 21-month streak of double-digit momentum in November 2022, posting an 8.6% gain, the lowest rate of appreciation in exactly two years. While 16 states nationwide bucked the national trend and saw annual double-digit increases, appreciation is decelerating in many popular housing markets across the country. Regionally, Southeastern states still led the country for price growth in November but also saw some of the most pronounced cooling. Similarly, relatively more expen- sive Western areas also posted substantial combined declines in recent months since spring's peak. "Although home price growth has been slowing rapidly and will continue to do so in 2023, strong gains in the first half of last year suggest that total 2022 appreciation was only slightly lower than that recorded in 2021," said Selma Hepp, Executive, Deputy Chief Economist at CoreLogic. "However, 2023 will present its own challenges, as consumers remain wary of both the housing market and the overall economic outlook." Nationwide, the recent price deceleration pushed November home values 2.5% below the spring 2022 peak. In 2023, home values will likely move even further from that high point, as CoreLogic expects price growth to begin recording negative year-over-year readings in the second quarter. "And while the recent decline in mort- gage rates may bode well for the housing market," Hepp added. "Potential homebuyers are grappling with the idea of buying amid possible further price declines and a contin- ued inventory shortage. Nevertheless, with slowly improving affordability and a more optimistic economic outlook than previously believed, the housing market could show resilience in 2023." In November, annual appreciation of at- tached properties (8.8%) was 0.3 percentage points higher than that of detached proper- ties (8.5%). By metro region, Miami posted the highest year-over-year home price increase of the country's 20 largest areas in Novem- ber, at 21.3%, while Tampa, Florida, retained the number two spot at 17.3%. Florida and South Carolina recorded the highest annual home price gains, 18% and 13.9%, respectively. Georgia posted the third-high- est growth, with a 13.6% year-over-year increase. Washington, D.C., ranked last for appreciation at 1.2%. Journal Compiled by the DS News Staff TA K E A L O O K I N S I D E T H E N U M B E R S DATA BITS Source: Redfin, "Homebuyers Are Flocking to the Sun Belt, Attracted to Relatively Affordable Home Prices" I N S I D E T H E J O U R N A L | I N F O S T R E A M | G O O D R E A D S | M O V E R S & S H A K E R S According to CoreLogic's latest Single-Family Rent Index, rent prices nationwide were up by 8.8% year over year in October, marking the lowest rate of growth recorded since June 2021. Median rent climbed 7.4% in November on a yearly basis to $2,007, its smallest increase in 15 months, according to Redfin's Rental Market Tracker Report. 1. SAN FRANCISCO 2. LOS ANGELES 3. NEW YORK 4. WASHINGTON, D.C. 5. CHICAGO 6. BOSTON 7. DETROIT 8. DENVER 9. HARTFORD, CONNECTICUT 10. SEATTLE TOP 10 METROS HOMEBUYERS ARE LEAVING: 1. SACRAMENTO, CALIFORNIA 2. LAS VEGAS 3. MIAMI 4. TAMPA, FLORIDA 5. SAN DIEGO, CALIFORNIA 6. PHOENIX 7. CAPE CORAL, FLORIDA 8. NORTH PORT-SARASOTA, FLORIDA 9. DALLAS 10. ORLANDO, FLORIDA TOP 10 METROS HOMEBUYERS ARE LOOKING TO MOVE INTO: CITY RANK CITY RANK

Articles in this issue

Archives of this issue

view archives of DS News - DS News Jan 2023