National Real Estate Market update May 8, 2023

The CoreLogic Home Price Index (HPI) reported year-over-year home price growth fell to 3.1% in March, hitting its lowest appreciation rate in 11 years. Monthly price growth fell to 1.6%.

Although construction spending was up overall in March, residential spending came in a tick below February at a still respectable $827.2 billion annual rate. Given the low existing home inventories, builders are optimistic but cautious.

Realtor.com’s latest weekly report saw active inventory 39% above a year ago. Sellers have more competition, but homes are still spending 15 fewer days on the market than before the pandemic.