In October, mortgage rates were around 8%, but that didn’t deter home sellers. Data compiled by CoreLogic shows home prices that month were 4.7% higher than in October 2022.
But all real estate is local. Price changes varied from market to market across the country.
To provide a visual element to these price changes, the Federal Reserve Bank of New York put the data into a map of the U.S. Homes in counties shaded in blue gained value while those in brown lost value. Counties in white were not measured.
The map shows that red-hot Miami-Dade County cooled down a bit in October, with home prices rising 8.8%, down from recent double-digit gains. Maricopa County, Arizona – another active market during the pandemic, saw home prices rise but only by 2.2%.
Markets with double-digit gains were few are far between. Home prices in Chippewa Falls, Wisc., surged 22.2%. The price of a home in Becker County, Minn., rose 15.5% and 16.1% in Siskiyou County, Calif., the northernmost country in the state.
Price declines were more numerous in the West and Southwest. Home prices in Travis County, home of Austin, were down over 6%. Home prices in Okanogan County, Wash., were 5.3% lower than a year ago.
While the October 2023 map doesn’t show the housing market “crash” that many people predicted, the October 2022 map shows just how much prices have changed in 12 months.
In October 2022, home prices in Miami-Dade County increased 22.2% over the previous year and prices in Albany County, Wyo., a popular ski area, had gained 20.2%.
Photo Credit: Consumer Affairs News Department Images
Posted: 2023-12-15 16:31:47
