Florida’s long reign is over as housing prices stay hot. That’s one of the big takeaways from the CoreLogic home price index’s data for November 2023, which shows yet another surge in home prices. The cost of housing shot up 5.2% year-over-year in November 2023, the index said, the strongest annual growth rate recorded since January 2023, and Detroit unseated Miami atop the markets seeing home appreciation growth.
Each month, financial services company CoreLogic releases its home price index, which incorporates public record data as well as other real estate databases, and incorporates more than 45 years of repeat-sales transactions to analyze home price trends. Although the data gets released with a five-week lag, it’s one of the gold-standard measures for the real estate market, along with the granddaddy of them all, the Case-Shiller index. The Case-Shiller model uses data from 20 cities nationwide, whereas the CoreLogic model is derived from about 380 metropolitan statistical areas around the county, according to a CoreLogic spokesperson.
