(NEXSTAR) – Between high prices and high interest rates, there hasn’t been much good news for potential buyers lately. But new data from CoreLogic, a financial analytics firm that tracks real estate markets across the country, has a silver lining for those looking to buy in 10 U.S. cities.
Real estate has been hot last year. CoreLogic found in its latest analysis that prices jumped more than 18% nationally from June 2021 to June 2022. And some states saw prices jump even more – Tennessee saw a 25.8% increase % and Florida saw a whopping 31.8% year over year. annual price growth.
CoreLogic is expecting a much cooler year, forecasting prices nationwide to rise about 4% by June of next year.
“While annual appreciation is still strong, it has slowed from the previous month for the second consecutive month, reflecting weaker demand from buyers in part due to rising mortgage rates and concerns about a slowdown in economy,” the report said.
In some regions, analysts are actually expecting lower prices. CoreLogic told Nexstar that it expects less than 10 metro areas to see price drops over the next year. (The list is ranked with the highest risk of a price drop at the top — not necessarily the biggest drops.)
- Bend-Redmond, Oregon
- Longview, Washington
- Bremerton-Silverdale, Washington
- Bellingham, WA
- Boise, Idaho
- Mount Vernon-Anacortes, Washington
- Grant Pass, Oregon
- Coeur d’Alene, Idaho
- Crestview-Fort Walton Beach-Destin, Florida
- Olympia-Tumwater, Washington
Northwestern states dominate the list, with several regions in Oregon, Washington and Idaho ranked in the top 10.
The only non-northwest region included in the top 10 is the Florida Panhandle metro area, including Crestview, Fort Walton, and Destin. The median home price in the city of Destin is $655,000, according to data from Zillow. But if CoreLogic’s predictions come true, a beachfront home could soon be a little cheaper.