US home prices continue record eight month climb
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The news: A shortage of US residential property saw US home prices reach a new record in September, despite high interest rates and cost of living pressures.
The numbers: S&P’s CoreLogic Case-Shiller National Home Price Index rose 3.9% compared to September 2022, the highest September level since the Index was launched in 1987. The increase was a 2.5% increase on the previous month. According to the National Association of Realtors, the median price for a home in the US is USD391,800.
The context: While higher mortgage rates continue to price buyers out of the US housing market, unusually low housing inventory means prices aren’t falling in line with the shift in demand. Owners are instead staying put to take advantage of lower mortgage rates on existing purchases.
The sources: Wall Street Journal, S&P Case Shiller Index
