U.S. home prices increased by 3.4% year-over-year in October 2024. Month-to-month gains were minimal, with just a 0.02% rise from September. Looking forward, forecasts indicate that annual home price growth will decrease to 2.4% by October 2025. Among the metro areas, Chicago led with a 6.4% annual home price increase, followed closely by Miami at 6.2%. On a state level, New Jersey topped the charts with an 8.1% annual increase, while Rhode Island wasn’t far behind at 7.5%. However, not all regions experienced growth; Hawaii saw a decline in home prices year-over-year. This data reflects a national trend where home price growth has remained largely stagnant since summer, with only specific areas showing significant changes.
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