Home Prices

Home prices continued to cool in September as homebuyers struggled with inflation fatigue. Inflation has affected both goods and other services as well as housing prices, which are now 51% higher than at the start of the pandemic.

ATTOM released its third-quarter 2024 report analyzing qualified low-income Opportunity Zones targeted by Congress for economic redevelopment in the Tax Cuts and Jobs Act of 2017. In this report, ATTOM looked at 3,857 zones around the United States with sufficient data to analyze, meaning they had at least five home sales in the third quarter of 2024. Here’s what it found:

Corporate Settlement Solutions (CSS), a full-suite provider of commercial and residential real estate settlement solutions, released results from an analysis across 10 states that shows home appraisals were higher than sale prices 51% of the time in the first half of 2024.

The latest ICE Home Price Index data shows annual home price gains continued to cool in April, marking the second consecutive month of pullbacks. Gains of +6.1% year over year in February slowed to a revised +5.7% in March before easing to +5.1% as of April. As ICE’s Vice President of Enterprise Research Strategy Andy Walden explains, the cooling is apparent from both seasonally adjusted and unadjusted perspectives. 

While home prices appear to remain impervious to high mortgage rates, the overall housing market appears to be stuck in second gear. Home sales so far this year are only slowly bucking last year’s numbers in most markets despite some increase in inventory.

Intercontinental Exchange, Inc. (NYSE:ICE), a provider of technology and data, released its May 2024 ICE Mortgage Monitor Report, based on the company’s industry-leading mortgage, real estate and public records data sets. The report concluded that:

ATTOM released its fourth-quarter 2023 report analyzing qualified low-income Opportunity Zones targeted by Congress for economic redevelopment in the Tax Cuts and Jobs Act of 2017. In this report, ATTOM looked at 3,667 zones around the United States with sufficient data to analyze, meaning they had at least five home sales in the fourth quarter of 2023. Here’s what it found: