US Home Prices Hit New High in October, Up 4.8% Annually Amid Supply Constraints
• Home prices in the US rose 0.6% month-over-month and 4.8% year-over-year in October, reaching a new record high • The national home price index has now risen for 9 straight months amid high demand and limited supply • Annual home price gains accelerated in October compared to September • Detroit saw the biggest yearly home price increase at 8.1%, followed by San Diego and New York • Mortgage rates have fallen recently which may ease price pressures going forward, though Redfin data shows slowing monthly growth in November