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Home price increases are weakening

Home prices are falling into a deep winter chill, as higher mortgage rates push more buyers to the sidelines.

Prices in November were still 8.6% higher than during the same month in 2021, but it was the first year-over-year reading in single digits in 21 months, according to CoreLogic. It is also the lowest rate of appreciation since November 2020.

Prices are now 2.5% below the spring 2022 peak and are expected to continue to move lower this year. CoreLogic’s forecast has price movement falling into negative territory by spring before rebounding to about 2% to 3% growth in the fall.

KEY POINTS

Higher mortgage rates and consumer worries are hitting home prices.

Prices are now 2.5% below the spring 2022 peak and are expected to continue to move lower this year.

Mortgage rates are back on the rise again after a brief reprieve in November and early December.

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Boston Real Estate Blog Updated 2023