Posted 11/28/2023, 2:00:42 PM
Home Prices Hit New Highs in September But Affordability Squeeze Intensifies
- Home prices hit another record high in September, up 0.7% from August and 3.9% over the last 12 months
- Low inventory continues to drive price growth even as higher mortgage rates reduce affordability
- Detroit, San Diego, and New York led price growth with over 6% annual increases
- Affordability crisis worsening due to higher prices and mortgage rates - NAR affordability index at 94.1 indicates an unaffordable market
- Limited inventory could mean lower mortgage rates may not bring expected relief for buyers as demand surges