These cities posted some of the greatest year-over-year price increases. Courtesy of CoreLogic.

The year-over-year pace of national home-price growth accelerated in November 2023, CoreLogic reported, citing its monthly Home Price Insights report.    

Specifically, prices rose 5.2% annually after growing by 4.7% in October 2023 and 4.2% in September 2023. On a monthly basis, prices rose 0.2% from October to November. In Phoenix, prices rose 3.9% year over year, one of the highest rates among all large U.S. metros.

Looking ahead, the CoreLogic HPI Forecast predicts home prices will dip by 0.2% on a month-over-month basis from November to December and increase 2.5% between November 2023 and November 2024.   

“Home-price appreciation continued to push forward in November, despite the new highs in mortgage rates seen over the year,” Chief Economist Selma Hepp said in a press release. “And while the annual growth reflects comparison with last year’s declines, seasonal gains remain in line with historical averages. …This continued strength remains remarkable amid the nation’s affordability crunch but speaks to the pent-up demand that is driving home prices higher.” 

Geographically, Idaho, Utah and Washington, D.C., were the only jurisdictions to see home-price declines, while Rhode Island (11.6%), Connecticut (10.6%) and New Jersey (10.5%) had the greatest increases. 

On a city basis, Miami once again posted the highest annual increase among the country’s 20 largest metro areas, at 8.3%, followed by San Diego at 7.7%, Chicago at 6.5% and Boston at 6%.