US Home Prices Hit 9th Straight Monthly Increase, Reaching New Highs in 8 Major Cities
• US home prices rose 0.6% in October and hit another record high, marking the 9th straight month of increases • Prices were up 4.8% annually, the fastest growth rate since 2022, with low inventory driving competition • 8 cities registered record highs including Miami, Atlanta, Chicago, Boston, Detroit, Charlotte, NYC, Cleveland • Detroit led with fastest annual gains of 8.1%; San Diego and NYC followed with over 7% growth • Mortgage rates have decreased since October but demand is expected to remain strong through 2024, pressuring prices further