Home Blog Uncategorized US Home Prices Rise for Ninth Consecutive Month
US Home Prices Rise for Ninth Consecutive Month

US Home Prices Rise for Ninth Consecutive Month

The housing market in the US continues to surge, marking a nine-month streak of climbing home prices, setting new records amid a scarcity of available listings that’s fueling intense buyer competition.

According to S&P CoreLogic Case-Shiller’s seasonally adjusted data, the national price gauge jumped by 0.6% in October from the previous month. This rise was mirrored in the 20 largest cities, signifying a steady and widespread surge in home values across 19 of the 20 cities assessed.

Brian Luke, from S&P Dow Jones Indices, highlighted that this October witnessed the most rapid annual rate of home price growth this year. However, this growth coincided with a period when mortgage rates were soaring toward 8%, making homeowners hesitant to sell, leading to a market drought in available listings and keeping prices persistently high.

Year over year, the escalation in home prices hit 4.8% in October, a surge from the 4% increase noted in September. With Detroit, San Diego, and New York experiencing the most substantial hikes, only Portland, Oregon, saw prices dip among the surveyed cities.

There’s a glimmer of relief on the horizon as mortgage rates dip below 7%, and experts anticipate a further slide as the Federal Reserve relaxes its inflation-curbing strategies. These declining rates could empower prospective buyers and potentially encourage more homeowners to list their properties, which might eventually soften the steep rise in home prices.

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