Posted 2/27/2024, 2:03:00 PM
Home Prices Hit New High in December, Rising 6.1% Over the Year
- Home prices in 20 major US metros rose 0.2% in December and 6.1% over the past year, hitting a new record high
- San Diego saw the biggest yearly price increase at 8.8%, while Portland saw the smallest at 0.3%
- Separate data showed median resale home price was $382,600 and new home price was $413,200 in December
- Mortgage rates dropping below 7% in December may boost demand and further increase prices
- Economists forecast strong 5% annual home price growth in 2024 as buyers are waiting to enter market when rates fall further