10 Home Markets With a High Risk of Price Decline
CoreLogic cites 10 major markets, and some lesser-reported ones as well.
CoreLogic forecasts that home prices will decrease on a year-over-year basis by 2.8% from November 2022 to November 2023.
In particular, its HPI Index cites several markets as ones that could suffer most over those next 12 months, including Bellingham, Wash. (a very high risk); Crestview-Fort Walton Beach-Destin, Fla.; Salem, Ore.; Merced, Calif.; and Urban Honolulu, Hawaii.
Its U.S. Home Price Insights – January 2023, issued this week, also forecasts 10 major markets at risk: Miami home prices are forecast to fall by 21.3%; Houston (down 10.6%); Phoenix (8.8%); Las Vegas (7.7%); San Diego (6.8%); Chicago (6.7%); Denver (6.3%); Boston (5.8%); Washington, D.C. (4.8%); and Los Angeles (4.6%).
Some Single-Family Rental Markets at Risk, Too
Yardi Matrix lists single-family home markets most at risk in 2023 as Indianapolis; Tampa; Seattle; and Las Vegas, which have seen the most significant occupancy decline.
US occupancy rates, Yardi reported, decreased 1.4% year-over-year through October, remaining strong at 95.9%.