Market intelligence and analytics firm CoreLogic predicts a 2.5% increase in U.S. home prices in 2024, but Florida is at very high risk of a decline over the next 12 months, analysis finds of society .
“The CoreLogic Market Risk Indicator (MRI), a monthly update on the overall health of real estate markets nationwide, predicts that Palm Bay-Melbourne-Titusville, Florida (70%+ probability), is at very high risk high of a decline in house prices over the next 12 months,” the company said.
Home prices could drop in Florida. | Photo: Week
Additionally, he indicated that other cities that are also at very high risk of falling prices are: West Palm Beach-Boca Raton-Delray Beach, FL; Tampa-St. Petersburg-Clearwater, Florida; Deltona-Daytona Beach-Ormond Beach, FL and Atlanta-Sandy Springs-Roswell, GA.
For their part, there are other cities that would experience home price increases, such as Redding, California, which could rise as high as 7.3%. “This continued strength remains notable in the context of the country’s affordability crisis, but speaks to the pent-up demand that is driving home prices higher,” said CoreLogic economist Selma Hepp.
Cities where home prices are expected to increase in 2024
1. Redding, California: 7.30%
2. Santa Maria-Santa Barbara, California: 6.81%
3. Bremerton-Silverdale, Washington: 6.51%
4. Coeur d’Alene, Idaho: 6.49%
5. Fairbanks, Alaska: 6.38%
6. Santa Rosa, California: 6.37%
7. Corvallis, Oregon: 6.36%
Home prices in Redding, California could rise as much as 7.3% this year. | Photo: Getty Images
8. Merced, California: 6.32%
9. Bend-Redmond, Oregon: 6.29%
10. Mount Vernon-Anacortes, Washington: 6.20%
11. Grand Junction, Colorado: 6.09%
12. Long View, Washington: 6.07%
13. Pocatello, Idaho: 6%
14. Casper, Wyoming: 5.99%
15. Walla Walla, Washington: 5.88%
16. Lewiston, ID-WA: 5.87%
17. Santa Cruz-Watsonville, California: 5.81%
18. Prescott, Arizona: 5.70%
19. Lakeland-Winter Haven, Florida: 5.67%
20. Kahului-Wailuku-Lahaina, Hawaii: 5.63%
Recent house price report
According to the U.S. Federal Housing Finance Agency, U.S. home prices increased 0.3% in October compared to September.
Florida has four of five cities that could see a decline.
Furthermore, it indicated: “In monthly terms, price appreciation moderated in October, and four divisions showed decelerations compared to the previous month.”
2024-01-22 01:53:17
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