Home Prices Jump 6% Annually in January as Hot Housing Market Persists Despite High Mortgage Rates

• Home prices rose 6% year-over-year in January, the fastest annual rate since November 2022 • Growth has accelerated since May 2022 when prices briefly dropped year-over-year • San Diego saw the largest increase at 11.2% annually and 1.8% month-to-month • High mortgage rates, nearing 7%, have made buying a home much less affordable • The Fed has raised rates to over 5% to curb high inflation, contributing to rising home prices