Home price growth
The pace of home value growth finally normalized since the historical highs of 2020 and 2021.
Overall, U.S. home prices rose 3.4% year-over-year in September, according to CoreLogic. But that ranged by almost 10 percentage points around the country.
See which states saw the largest and smallest home price growth.
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Since skyrocketing from the extreme demand of rock-bottom mortgage rates in 2020 and 2021, the pace of housing value growth continues to decelerate.
Single-family home prices rose 3.4% annually in September, according to CoreLogic’s Home Price Index (HPI). Additionally, prices barely moved month-over-month, inching up 0.02% from August.
“Like much of the housing market at the moment, home prices remained relatively flat coming into the fall,” said Selma Hepp, chief economist at CoreLogic.
“Despite some improved affordability from lower mortgage rates during August, home buyers mostly kept on the sidelines and decided to wait out the mortgage rate drop for a potentially better opportunity next year, when the current volatility, uncertainty surrounding the election’s outcome, and the impact on longer-term rates may be slightly clearer. And while the mortgage rate and economic outlook is full of questions, home prices are likely to maintain their leveled path until early next year when buyers return to the housing market.”
CoreLogic forecast a 0.1% decrease in prices from September to October and a 2.3% bump by September 2025.
At the state level, Rhode Island led the nation with a 9.05% annual gain. New Jersey (8.6%) and Illinois (7.3%) came next, with New York (6.28%) and Wisconsin (6.25%) rounding out the top five. Hawaii was the only state to regress year-over-year, inching down 0.41%. Above that, modest increases of 0.93% came Washington, D.C., 0.94% in Texas, 0.99% in Oregon, and 1.13% in Louisiana.
South Dakota experienced the largest monthly gain at 2.02%. Coming next were Delaware at 1.35%, Maine at 1.82%, West Virginia at 0.82%, and Arkansas at 0.39%. Prices in D.C. fell furthest from August, decreasing 1.55%. Then came monthly declines of 1.07% in Montana, 1% in Mississippi, 0.84% in Wyoming, and 0.64% in New Hampshire.
The table below shows every state’s HPI changes for September 2024, according to CoreLogic:
| State Name | Month-Over-Month % | Year-Over-Year % | Forecasted Month-Over-Month % | Forecasted Year-Over-Year % |
| ALABAMA | 0.02% | 2.60% | 0.21% | 3.62% |
| ALASKA | -0.57% | 4.06% | 0.00% | 5.55% |
| ARIZONA | 0.24% | 2.08% | 0.03% | 1.05% |
| ARKANSAS | 0.39% | 4.60% | 0.01% | 2.06% |
| CALIFORNIA | -0.02% | 3.80% | -0.27% | 2.33% |
| COLORADO | -0.28% | 1.61% | -0.35% | 2.87% |
| CONNECTICUT | -0.38% | 5.45% | -0.27% | 3.15% |
| DELAWARE | 1.35% | 5.25% | 0.43% | 3.08% |
| FLORIDA | -0.15% | 1.40% | -0.07% | 3.18% |
| GEORGIA | 0.22% | 4.06% | 0.08% | 2.44% |
| HAWAII | -0.09% | -0.41% | 0.08% | 4.67% |
| IDAHO | 0.15% | 3.10% | 0.14% | 4.51% |
| ILLINOIS | 0.04% | 7.30% | -0.06% | 1.88% |
| INDIANA | 0.31% | 5.06% | 0.04% | 1.41% |
| IOWA | 0.31% | 3.68% | 0.03% | 3.03% |
| KANSAS | -0.04% | 2.93% | -0.16% | 2.38% |
| KENTUCKY | 0.34% | 4.97% | 0.15% | 3.03% |
| LOUISIANA | 0.25% | 1.13% | 0.17% | 2.87% |
| MAINE | 1.28% | 5.16% | 0.20% | 3.97% |
| MARYLAND | 0.02% | 4.22% | -0.10% | 1.61% |
| MASSACHUSETTS | 0.06% | 4.83% | -0.09% | 2.80% |
| MICHIGAN | 0.13% | 5.14% | -0.01% | 2.17% |
| MINNESOTA | -0.26% | 2.50% | -0.19% | 1.83% |
| MISSISSIPPI | -1.00% | 2.55% | -0.22% | 2.84% |
| MISSOURI | 0.15% | 4.24% | 0.00% | 2.10% |
| MONTANA | -1.07% | 2.31% | 0.25% | 4.92% |
| NEBRASKA | -0.07% | 3.37% | -0.04% | 2.25% |
| NEVADA | 0.15% | 5.90% | 0.08% | 2.23% |
| NEW HAMPSHIRE | -0.64% | 5.75% | -0.09% | 3.82% |
| NEW JERSEY | 0.20% | 8.60% | -0.07% | 0.81% |
| NEW MEXICO | -0.09% | 3.44% | 0.12% | 3.35% |
| NEW YORK | 0.09% | 6.28% | -0.06% | 1.39% |
| NORTH CAROLINA | 0.09% | 4.21% | 0.13% | 2.99% |
| NORTH DAKOTA | 0.04% | 3.86% | -0.02% | 3.50% |
| OHIO | 0.13% | 6.05% | -0.10% | 1.46% |
| OKLAHOMA | 0.07% | 3.23% | 0.00% | 1.68% |
| OREGON | -0.24% | 0.99% | -0.22% | 3.45% |
| PENNSYLVANIA | 0.34% | 5.28% | -0.05% | 2.03% |
| RHODE ISLAND | 0.31% | 9.05% | -0.12% | 2.28% |
| SOUTH CAROLINA | -0.10% | 3.24% | 0.13% | 3.33% |
| SOUTH DAKOTA | 2.02% | 5.50% | 0.38% | 3.41% |
| TENNESSEE | -0.40% | 3.86% | -0.09% | 2.78% |
| TEXAS | 0.11% | 0.94% | -0.04% | 1.32% |
| UTAH | 0.20% | 2.99% | 0.16% | 4.31% |
| VERMONT | -0.37% | 5.24% | 0.01% | 3.91% |
| VIRGINIA | 0.13% | 5.09% | -0.11% | 1.54% |
| WASHINGTON | -0.42% | 4.13% | -0.28% | 2.65% |
| WASHINGTON, D.C. | -1.55% | 0.93% | -0.16% | 1.78% |
| WEST VIRGINIA | 0.82% | 4.67% | 0.15% | 3.00% |
| WISCONSIN | 0.11% | 6.25% | -0.16% | 1.62% |
| WYOMING | -0.84% | 4.01% | -0.21% | 3.67% |
Advice for home buyers
Whether you’re a buyer or seller, navigating the housing market and its prices can be challenging.
When you’re shopping for property, you should know what to look for, what advice to take, and how to negotiate before putting offers on a house. And you should always see what financial assistance you may qualify for.
If you’re ready to become a homeowner, reach out to a local mortgage lender and get started.
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