Home Prices Hit Record High But Rise at Slowest Pace Since 2021 as Affordability Squeezed

• US home prices rose 6% in January to a new record high as housing shortage and high rates limit affordability

• It's now more affordable to rent than buy in America's 50 largest cities due to high mortgage rates

• Cities with biggest housing shortages like LA and San Diego saw sharpest annual price gains of 11.2% and 9.6%

• On a monthly basis, home prices rose just 0.4% nationally and 0.1% in 20 major cities, slowing pace

• Cities like Phoenix, Dallas, Denver that saw big price hikes now seeing monthly declines as a correction