U.S. home prices grew by 4.9% year over year in May, the slowest rate since October 2023. CoreLogic projects a 3% growth by May 2025.
Home prices are rising the most in the Northeast due to low inventory levels. New Hampshire led with 12% growth, while Louisiana and Texas trailed at 0.9%.
San Diego and Miami lead the top-10 metros with 9.2% and 8.5% annual price increases. Detached home prices outpaced attached homes, reflecting the work-from-home trend.
Surge in mortgage rates dampened homebuyer demand, slowing national home price growth. CoreLogic notes a cooling trend in more markets in response.
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