Midwestern Home Prices Soar While West Coast Cools in Shifting Real Estate Market
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Home prices in the U.S. reached record highs in August, with Midwest cities like Chicago and Detroit seeing the biggest year-over-year gains.
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The Case-Shiller index shows home prices up nearly 6% year-to-date and 2.6% year-over-year nationally.
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Western cities like Las Vegas, Phoenix, and San Francisco saw home prices decline year-over-year as demand cooled.
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Affordability is a major challenge with high home prices coupled with rising mortgage rates over 8%.
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Low inventory is driving up prices in some areas, while remote work trends are lowering prices in cities like San Francisco.