Home Prices Rise Despite High Mortgage Rates

Home prices continue to rise despite high mortgage rates, with the S&P CoreLogic Case-Shiller National Home Price Index reporting a 4.8% annual increase in October. The Midwest and Northeast regions are experiencing broad-based home price appreciation, while the Southwest and West are lagging behind. Existing home sales have fallen due to soaring mortgage rates, but demand for homes in early 2024 is expected to be strong. The Federal Housing Finance Agency (FHFA) also reported a 6.3% annual rise in home prices, indicating continued recovery of the housing market.