CoreLogic reports that home prices, including distressed sales, rose 5.1 percent from November 2017 to November 2018 and just below the 5.4 percent gain seen in October. That is down from the 7 percent gain seen year over year in March of this year. On a month over month basis, prices rose 0.4 percent from to October 2018 to November. Looking ahead, CoreLogic sees a 4.8 percent increase from November 2018 to November 2019.

“The rise in mortgage rates has dampened buyer demand and slowed home-price growth. Interest rates for new 30-year fixed-rate loans averaged 4.9 percent during December, the highest monthly average since February 2011. These higher rates and home prices have reduced buyer affordability. Home sellers are responding by lowering their asking price, which is reflected in the slowing growth of the CoreLogic Home Price Index,” says Chief Economist Frank Nothaf.

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