Home Prices Hit Record Highs in October as Buyer Demand Surges on Lower Mortgage Rates
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Home prices increased 4.8% year-over-year in October, reaching new all-time highs according to the S&P Case-Shiller home price index.
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The Midwest and Northeast saw the sharpest home price increases in cities like Chicago, Boston, Detroit, Cleveland, and New York.
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As the Fed eyes rate cuts, mortgage rates have fallen to 6.67% from 8% in October, sending a new wave of buyer demand.
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Experts warn that further mortgage rate declines could accelerate home price appreciation even faster, possibly up to 3%.
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Real estate mogul Barbara Corcoran said prices may jump as buyer demand surges if rates drop another percentage point.