CoreLogic’s Home Price Index showed that home prices nationwide rose 0.3% from July to August, hitting a new all-time high for the fourth straight month. CoreLogic forecasts that home prices will rise 0.2% in September and 3.4% in the year going forward, though their forecasts tend to be on the conservative side historically. In fact, CoreLogic’s index is on pace for just over 8% appreciation in 2023, based on the monthly readings we’ve seen so far this year.
Black Knight also reported that national home values rose 0.7% in August, with their index also showing new all-time highs in home values for the fourth month in a row. Home prices are now 2.5% above the 2022 peak in Black Knight’s index, which is also on pace for 8% appreciation this year based on the monthly gains we’ve seen to date.
What’s the bottom line? The latest rise in home prices reported by CoreLogic and Black Knight echo the strong growth seen by Case-Shiller, Zillow and the Federal Housing Finance Agency. These reports continue to demonstrate why homeownership remains a good opportunity for building wealth through real estate.