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Texas Saw Annual Home Price Declines in October

Texas
Tiny houses on a calculator | Image by Magnito

Texas is one of four U.S. states that recorded annual home price declines in October.

Single-family home prices are down annually in Texas, falling 0.2% compared to the national year-over-year increase of 4.7%, according to the latest CoreLogic Home Price Index (HPI) data, released on the first Tuesday of each month with an average five-week lag.

Overall, U.S. single-family home price growth increased modestly in October, with Northeastern states leading the nation for annual appreciation and Western states seeing slight losses.

Metro areas that are seeing stronger price gains are those with “higher job growth” and an “influx of higher-income, in-migrating households,” according to CoreLogic chief economist Selma Hepp.

The four states that saw year-over-year home price losses were Utah (-1.6%), Idaho (-1.4%), Montana (-0.5%) and Texas (-0.2%). Meanwhile, the states with the highest annual appreciation were Connecticut (+10.3%), followed by New Jersey (+9.9%) and Rhode Island (+9.7%).

Chart by CoreLogic

“Home price growth maintained its upward momentum in October, which continues to reflect gains from the strong spring season and contrasts with last year’s home price declines,” said Hepp in the report. “But even with high mortgage rates, October’s price gains line up with historical trends and speak to the strength of some potential buyers’ purchasing power, as they continue to outnumber available homes for sale,” she said.

According to historical data from Mortgage News Daily, a 30-year fixed mortgage climbed to 8.03% in October while a 15-year fixed mortgage hit 7.35%, marking the highest rate in more than 20 years, The Dallas Express reported. Since the October 2023 peak, the 30-year and 15-year have eased to 7.08% and 6.5%, respectively.

CoreLogic forecasts that home prices will remain unchanged (0.0%) from October to November but will increase 2.9% from October 2023 to October 2024.

Chart by CoreLogic

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