Report: home price growth slows

U.S. home prices grew only 1.4 percent in May, the lowest year-over-year growth rate recorded in 11 years.

May was also the 12th consecutive month that home prices nationwide were slower than the previous month, and the first time since early 2012 that annual growth dipped below two percent, according to CoreLogic in Irvine.

Home prices rose 0.9 percent between April and May. Also in May, the annual appreciation of attached properties was 2.7 percent, a 1.7 percent increase compared with detached properties.

All of the above data include distressed properties, meaning foreclosed houses or houses close to being foreclosed.

“After peaking in the spring of 2022, annual home price deceleration continued in May,” said Selma Hepp, CoreLogic’s chief economist, in a statement. “Despite slowing year-over-year price growth, the recent momentum in monthly price gains continues in the face of recent mortgage rate increases.”

In the Inland Empire, home prices [including distressed properties] fell 1.5 percent year-over-year in May, CoreLogic reported.