US home prices continued to rise in October, hitting a new record high and marking the ninth consecutive month of increases, according to data released Tuesday. Together with soaring mortgage rates that month, rising home prices have made this the least affordable housing market in a generation. Prices rose 0.6% from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index. People who could absorb higher mortgage rates or who were paying cash competed for the few homes available. “Shoppers who could successfully navigate rising costs were likely well-qualified, and amid limited inventory and a sense that mortgage rates might continue to rise, pushed home prices higher,” Hale noted.

Source: CNN December 26, 2023 17:20 UTC