CoreLogic’s Home Price Index showed that home prices nationwide rose 0.02% in October, which was stronger than forecasts. Prices were also 3.4% higher when compared to October of last year. CoreLogic forecasts that home prices will fall 0.03% in November and rise 2.4% in the year going forward, though their forecasts tend to be conservative.
What’s the bottom line? CoreLogic’s appreciation data has been weaker than Case-Shiller’s, which is considered the gold standard in tracking changes in residential real estate values. For example, Case-Shiller’s latest report showed that home values nationwide were 3.9% higher in September than a year earlier, while the Federal Housing Finance Agency also reported 4.4%annual growth over that same period.
In addition, the fall usually brings less competition in the housing market because families with school-age children like to be settled ahead of a new school year. While this season is typically the softest for home price growth, these reports show that appreciation remains healthy overall.