US Home Prices Hit New High in September as Limited Supply Drives Up Costs
• US home prices rose 0.7% in September and were up 3.9% from a year ago, hitting another record high • Price increases were seen across all 20 cities in the index, with 17 higher than September 2022 • Home prices hit all-time highs in September in Atlanta, Boston, Charlotte, Chicago, Cleveland, Detroit, Miami, New York, and Tampa • The Northeast and Midwest had the strongest annual price growth at over 5% • Limited supply and high demand kept pushing prices up even as mortgage rates topped 7%