In November, annual home price growth in the U.S. accelerated for the first time in seven months, with an increase of 3.8%. This uptick followed a brief dip in mortgage rates in September. The S&P CoreLogic Case-Shiller Index showed that homes in major metro areas enjoyed a 4.3% rise. Notably, New York City reported a significant annual gain of 7.3%, while Tampa experienced a rare annual price decline of 0.4%. Despite this growth, overall price increases are still lower than historical averages and the previous year’s market exuberance.
Annual home price growth accelerated in November, highlighting responsiveness to mortgage rates, despite remaining below pre-pandemic growth levels.
The increase, driven by temporary mortgage rate relief, suggests that home prices remain sensitive to interest rate fluctuations.
Collection
[
|
...
]