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Home price growth expected to dip as demand normalizes

Home price appreciation, which skyrocketed during the pandemic, is showing signs of slowing, according to a monthly report published by CoreLogic Tuesday.

In May, home prices increased by 20.2% year-over-year, the report said. But come next May, the data vendor predicts home price appreciation will dip to 5%.  

The recent hikes in mortgage interest rates by the Federal Reserve has contributed to the expected cool down of home prices, according to the report.

As of June 23, mortgage interest rates were at 5.81%, per Freddie Mac’s PMMS mortgage survey. At the beginning of details ⇒

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