The rate of annual home price appreciation rose again in May, offsetting the affordability gains from declining mortgage rates, according to CoreLogic.
May home prices increased nationally by
Over the next 12 months,
"The recent and forecasted acceleration in home prices is a good and bad thing at the same time," Frank Martell, president and CEO of CoreLogic, said in a press release. "
About 28% of respondents to a first-quarter CoreLogic consumer survey voiced concern with affording a new home in the future, while 40% said they could not buy a home in their desired market.
"Interest rates on
Broken down by the largest 100 metropolitan statistical areas in the nation by housing stock, 38% were overvalued in May, while 24% were undervalued and 38% were at value. When cut down to the top 50 largest MSAs, 42% were overvalued, just 16% were undervalued and 42% were at value.
For the second month in a row, Idaho was the only state with double-digit annual price growth, up 10.7%. It was followed by Utah at 7.8% and South Dakota at 7.7%. North Dakota continued its run of annual price depreciation, down 1.7%. Delaware at 0.1% and Connecticut at 0.3% were the next smallest home price appreciations in May.