Detroit Home Prices Overtake Miami as Nation's Fastest Appreciating Housing Market
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Detroit overtook Miami as the fastest appreciating housing market in November 2023, with home prices up 8.7% year-over-year. Miami was second at 8.3%.
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Home price gains remained strong in November despite high mortgage rates, driven by demand in relatively affordable markets like Detroit, Charlotte, and Miami.
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Expensive markets like Denver, Las Vegas, and San Diego saw slower price growth. Some markets even saw declines, like Idaho, Utah, and Washington, D.C.
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CoreLogic forecasts home price gains will slow to 2.5% nationally in November 2024 as higher rates dampen demand.
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CoreLogic named 4 Florida markets and Atlanta as having very high risk of price declines in the next 12 months due to overvaluation.