Home prices nationwide grew 18.3 percent in June, the 125th consecutive month of year-over-year price growth in the U.S. housing market, according to data released this week.
Despite that, price appreciation slowed from the previous month for the second consecutive month, a sign of reduced buyer demand caused by higher mortgage rates and concerns about a slowing economy, according to CoreLogic in Irvine.
By June of next year, home appreciation throughout the United States will be down 4.3 percent, which will bring home prices closer to the “long run” average they reached from 2010 to 2020, CoreLogic predicted.
“Signs of a broader slowdown in the housing market are evident, as home price growth decelerated for the second consecutive month,” said Selma Hepp, interim lead of CoreLogic’s economist office, in a statement. “This is in line with our previous expectations, and given the notable cooling of buyer demand. Nevertheless, buyers remain interested.”
In the Inland Empire, the average price or a single-family home rose 22.7 percent between June 2022 and June 2021, CoreLogic reported.