Published by Forbes.com | April 4, 2023
Pent-up home buyer demand is responding favorably to lower rates in many markets.
A new report by data analytics provider CoreLogic reveals in many ways a tale of two very different housing markets. At one extreme, the West is slowing, and at the other extreme, the East is rising.
Even as home prices grew for the 133rd straight month in February, the 4.4% increase still was nothing to write home about. That’s because it was the lowest recorded since 2019. Eight states and districts recorded annual home price losses, with much of the depreciation seen in the relatively expensive West, including California, Idaho, Oregon, Washington and Utah.
The recent wave of layoffs at tech hubs has likely affected housing demand on the West Coast. However, as noted in the latest CoreLogic S&P Case-Shiller Index, home price gains are holding steady in some large East Coast metros, as workers return to offices and buyer demand renews in areas that saw relatively less appreciation during the pandemic. Areas in the South are also holding up well, mostly due to their relative affordability compared with the rest of the country.
