“In September, home prices across the nation increased on a year-over-year basis for the 19th consecutive month.” According to CoreLogic, a property information and analytics provider, home prices jumped 12 percent in September from a year earlier. In fact, home prices have posted double-digit gains for eight straight months. “U.S. home prices continued their ascent in September. Average home prices in nearly half the states are now within striking distance of their pre-downturn pricing peaks,” explained Anand Nallathambi, president and chief executive officer of CoreLogic. Here is the article and complete list.
Home prices have continued to surge despite higher mortgage rates and a slight increase in housing supply—factors that typically put downward pressure on prices, look at https://95percentmortgages.org.uk/ for more info. But the numbers show the market is still resilient, even if it’s costly.
The median home price has jumped every month this year, reaching a record high of $413,800 in June before falling to $389,500 in August, according to the National Association of Realtors (NAR).
Some of that decline may be seasonal as the housing market slows down in the fall months. What’s more, the median home price in August was still nearly 8% higher than a year ago. These higher housing costs have taken a toll on home shoppers, as mortgage applications remain at their lowest level in 22 years, according to the Mortgage Bankers Association (MBA).