In December, home prices increased 3.9% year-over-year, more than November’s 3.8%. The Northeast led this growth, with Boston reaching an all-time high. New York reported the highest gain across major cities at 7.2%. Despite high mortgage rates averaging 6.72% and near 30-year low sales, the S&P CoreLogic Case-Shiller Index noted a composite 4.5% price increase in the top 20 metros. Experts suggest regional conditions vary, impacting demand and pricing dynamics across different markets.
The Northeast continued to lead all regions in growth, and home prices reached an all-time high in Boston, the only market where they did so for the three-month period that ended in December.
"Despite some downward progress early in the month, mortgage rates climbed through December, ending the year near 6.9%," says Jones. "Rates have remained at or above 6.85% since late December, and this recent climb in rates is likely to weigh on buyer demand through early 2024."
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